Petroleum and its Reflections on the Brazilian Economy

BRAZIL ECONOMICS - Report 13 Jan 2020 by Affonso Pastore, Cristina Pinotti and Marcelo Gazzano

A possible escalation of the conflict between the United States and Iran triggered fears of a steep rise in the price of oil, which reached US$ 71 per barrel before returning to its earlier level. It’s likely that from the standpoint of the effects on prices, the worst has already passed, but there are still important alterations in the global oil market that, via various channels, have reverberations in the Brazilian economy. The objective of this note is to evaluate these changes and their consequences.

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