Brazil’s crude oil exports fall to four-month low

Oil

Brazil’s crude oil exports declined by 330K b/d m-o-m and 700K b/d y-o-y to 1.25M b/d in May, falling to a four-month low after previously building for three consecutive months to reach a nine-month high in April, according to preliminary data from Brazil’s trade ministry. Loadings of fuel oil rose by 10K b/d m-o-m and 110K b/d y-o-y to a five-month high of 380K b/d. Crude oil imports increased by 30K b/d m-o-m and 200K b/d y-o-y to 260K b/d, the highest level since June 2020, whereas arrivals of naphtha and diesel declined by 80K b/d m-o-m to 110K b/d and by 20K b/d m-o-m to 280K b/d respectively.