Brazil’s crude oil exports rise to seven-month high

Oil

Brazil’s crude oil exports increased by 200K b/d m-o-m to 1.35M b/d in February, rising to the highest level since July 2020, according to preliminary data from Brazil’s trade ministry. Crude oil imports also jumped up by 110K b/d m-o-m to an eight-month high of 160K b/d after previously falling to the lowest level since March 2017 in December. Total oil product imports declined by 240K b/d m-o-m and 210K b/d y-o-y to 220K b/d, which is the lowest level since January 2016.