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Brazil crude exports rose in March

Crude exports from Brazil increased by 487K b/d y-o-y to 1.55M b/d in March, the second highest monthly average in a year and a half, according to MDIC data. In March Petrobras announced it would cut production by 100K b/d that month and warned of further cuts as it monitors the situation. According to the International Energy Agency (IEA) production in Brazil dropped by 80K b/d m-o-m in March to 3.01M b/d. Brazil was not party to the recent OPEC+ supply agreement.

Diesel exports were also higher in March, jumping by 145K b/d m-o-m to 418K b/d, the highest recorded monthly level. Falling domestic demand due to the coronavirus has increased export availability.