Brazil’s crude oil exports tumble

Oil

Brazil’s crude oil exports decreased by 970K b/d m-o-m and 810K b/d y-o-y to 1.04M b/d in July, falling to the lowest level since January 2020 after previously surging to a record high in June, according to preliminary data from Brazil’s trade ministry. Crude imports rose by 120K b/d m-o-m and 160K b/d y-o-y to a thirteen-month high of 290K b/d however.

Fuel oil exports increased by 110K b/d m-o-m to 325K b/d, while shipments of clean petroleum products fell by 10K b/d m-o-m to 70K b/d. Total clean oil product imports declined by 120K b/d m-o-m to a four-month low of 340K b/d, with arrivals of naphtha decreasing by 120K b/d m-o-m to 50K b/d, the lowest since February.