Lula urges Brazil to establish a strategic oil reserve

Golden Ten Data reported on March 21 that on March 20 local time, Brazilian President Lula, during a visit to a refinery in Minas Gerais, Brazil, stated that as the Middle East conflict intensifies, Petrobras and the government "need to establish strategic oil reserves" to cope with any consequences that may arise from the conflict. He warned that if the war continues, and if the United States intends to bomb the Strait of Hormuz, the oil crisis "will only become more severe." Previously, on March 12, the Brazilian government announced the exemption of import and sales taxes on diesel, and imposed a 12% export tax on crude oil exports to address the spillover risks from the Middle East situation.