*At the start of 2018 Brazil was tipped to provide a key boost to global oil supplies as deepwater ‘pre-salt’ output continued to ramp up on the back of 2017’s record 2.62mn b/d.

*Things haven’t exactly gone to plan. Not only has output not risen, at 2.57mn b/d for January-November it is actually down by 2% year-on-year; every month since May has seen a year-on-year fall (see charts).

*This comes despite the continued, albeit delayed, start-up of deepwater FPSOs....