Brazil

Brazil exhibits low energy security risk, benefiting significantly from its status as a major oil producer with only 15% oil import dependency and no Hormuz exposure. The country's extensive pre-salt deepwater fields are providing a crucial buffer against global supply shocks, helping to stabilize domestic energy markets. Gasoline prices are $1.28/L, and the nation maintains 120 days of oil reserves. Food security is low risk, despite a 32% increase in fertilizer prices. The outlook for Brazil remains relatively stable, leveraging its domestic production capacity to mitigate external pressures.