Brazil Crude Exports Surge to Record High

Oil

Brazil’s crude oil exports surged by 1.14M b/d m-o-m and 1.06M b/d y-o-y to a record high of 2.06M b/d in December, surpassing the previous peak of 1.92M b/d set in July 2018, data from the country’s Ministry of Development, Industry and Foreign Trade show. Robust export volumes in December pushed average monthly shipments in 2019 to 1.23M b/d, which represents a 76K b/d annual increase.

By early afternoon in London, ICE Brent was trading at $68.76/bbl, up $2.51/bbl from the end of Thursday’s trading.