Brazil’s crude oil exports strengthen in July

Oil

Brazil’s crude oil exports shot up by 580K b/d m-o-m and 1.05M b/d y-o-y to 1.94M b/d in July, just 80K b/d shy of the record level from December 2019, according to preliminary data from Brazil’s trade ministry. 

Gasoline and diesel imports rose 46K b/d m-o-m but were down 92K b/d y-o-y. Total product imports rose just 15K b/d m-o-m while total product exports declined by 38K b/d m-o-m, but Brazil remained a net exporter for the third month in a row, the first time this has happened since 2006. Diesel exports grew by 30K b/d m-o-m to 310K b/d, however loadings of gasoline fell by 70K b/d (or 69%) m-o-m to 30K b/d, the lowest since February.