Another BRIC Hits A Wall?

2 Sep 2016:  Brazil stays in the spotlight. The Rio Olympics were successfully concluded on August 21. Ten days later, on Wednesday, August 31, Brazil’s Senate voted 61-20 to remove Dilma Rousseff as president of the most populous country in Latin America. Ms. Rousseff was accused of using illegal bookkeeping maneuvers to cover up a growing budget deficit. Interim president (and former vice president) Michel Temer will finish out her term, which runs through the end of 2018. The biggest challenge facing Mr. Temer is to improve the dire economic and political situation in Brazil. The country is mired in a deep recession and Brazil’s state-controlled oil company Petrobras is suffering from the fallout of “Operation Car Wash”, a long-running investigation into money laundering and corruption. Brazil remains the oil powerhouse of Latin America, but the problems facing Petrobras have already had a profound impact on both their upstream and downstream oil industry and could influence the tanker market as well. Download Here