Brazil’s crude exports fall to 22-month low in November

Oil

Brazil’s crude oil exports fell by 470K b/d m-o-m and 360K b/d y-o-y to 930K b/d in November, falling to the lowest level since January 2020, according to preliminary data from Brazil’s trade ministry. Shipments of fuel oil also declined by 70K b/d m-o-m to an eight-month low of 180K b/d. Clean oil product imports decreased by 190K b/d m-o-m to 450K b/d after reaching a 23-month high in October, with arrivals of diesel falling by 140K b/d m-o-m to 240K b/d.