Any move to end cut-price Russian diesel shipments to Brazil under the country’s president-elect Luiz Inacio Lula da Silva will hit tanker tonne-miles amid a reshuffling of global trade routes, according to analysts.
Brazil, under outgoing right-wing leader Jair Bolsonaro, looked to increase Russia oil imports following the invasion of Ukraine. Oil markets will be closely watching for how Lula will approach relations with his US counterpart Joe Biden and Russian leader Vladimir Putin when he takes over on 1 January.
