Brazil’s crude exports reach four-month high in December

Oil

Brazil’s crude oil exports increased by 570K b/d m-o-m and 210K b/d y-o-y to 1.45M b/d in December, rising to a four-month high after previously tumbling to a 29-month low in November, according to preliminary data from Brazil’s trade ministry. Shipments of fuel oil also rose by 40K b/d m-o-m to 220K b/d. Across 2021 Brazil’s crude exports averaged 1.36M b/d, which is a decline of 40K b/d compared to 2020 levels. Crude oil imports fell by 40K b/d m-o-m to a four-month low of 120K b/d in December, while arrivals of gasoline also declined by 20K b/d m-o-m to 30K b/d.