Brazil’s crude exports build in August
Brazil’s crude oil exports increased by 652K b/d m-o-m and 404K b/d y-o-y to 1.65M b/d in August, rising after previously reaching the lowest level since January 2020 in July, according to preliminary data from Brazil’s trade ministry. Crude imports fell by 182K b/d m-o-m to a seven-month low of 106K b/d however.
Total clean oil product imports rose by 232K b/d m-o-m to 573K b/d, supported by arrivals of diesel which increased by 88K b/d m-o-m to 338K b/d, the highest since November 2019, while naphtha arrivals also increased by 91K b/d m-o-m to 151K b/d. Fuel oil exports declined by 209K b/d m-o-m to 215K b/d.