While many countries in Europe and Asia have started to ease containment measures, the reality is different in South America where Brazil has become Covid-19 epicenter. In this collaborative insight with our sister company Maplecroft, we explore the complexity of the risk landscape and its impact on the oil and refining sectors. In this analysis, we assess the impact of: -Health crisis and the bleak economic outlook -Key factors amid oil demand and production recovery -Crude runs and oil export reduction