Brazil’s crude oil exports fall in August

Oil

Brazil’s crude oil exports declined by 640K b/d (or 33%) m-o-m to 1.29M b/d in August, falling to the lowest level since January, according to preliminary data from Brazil’s trade ministry. This is still an increase of 170K b/d y-o-y however, and 200K b/d above the five-year average for August. Crude oil imports also fell by 60K b/d m-o-m and 40K b/d y-o-y to 70K b/d.