Brazilian oil production reached a record 4.5 million barrels per day in June, up 19% from a year earlier, as disruption around the Strait of Hormuz redirected Chinese demand toward Latin America’s largest economy. The value of Brazil’s oil exports to China more than doubled in the first half of the year to a record $15.1 billion, according to the Brazil-China Business Council. Global oil prices have risen 30% since the US and Israel attacked Iran at the end of February, surpassing $90 per barrel, creating more favorable economics for Brazil’s technically challenging pre-salt reserves. Enverus estimates those reserves could produce as much as 4 million barrels per day by 2030. Petrobras has also announced an offshore discovery in the Equatorial Margin near Amapá state, while the Brazilian government presents the country as a stable alternative supplier amid geopolitical risks on major energy routes.