Brazil’s fuel oil exports rise to record high in December

Oil

Brazil’s fuel oil exports shot up by 160K b/d (or 60%) m-o-m and 290K b/d y-o-y to 420K b/d in December, rising for the second consecutive month to the highest level on record, according to preliminary data from Brazil’s trade ministry. Exports of gasoline also increased by 40K b/d m-o-m and 20K b/d y-o-y to 60K b/d, the highest since June. Diesel imports edged up by 10K b/d m-o-m to 190K b/d, whereas naphtha imports declined by 70K b/d m-o-m to 13K b/d, the lowest level since January 2016.

Brazil’s crude oil exports tumbled by 730K b/d y-o-y to 1.29M b/d, after loadings previously rocketed to the highest level on record in December 2019 at 2.02M b/d. Crude oil imports also fell by 130K b/d y-o-y and 50K b/d m-o-m to 110K b/d.