“The reshaping of global crude tanker markets continued in 2023. In 2022, sanctions shifted Russia’s exports from Europe to Asia while OPEC production cuts in 2023 increased the Americas’ share of exports. Brazil’s oil production increased by 12% year-on-year in 2023 while crude tanker exports rose 19%,” said Niels Rasmussen, Chief Shipping Analyst at BIMCO.According to the International Energy Agency (IEA), Brazil’s oil production reached 3.49 million barrels per day (mbpd) in 2023, up from 3.12 mbpd the year before.