Brazilian oil exports more than double in July

Data released by the Secretariat of Foreign Trade (Secex) on August 3 indicates that Brazilian oil exports more than doubled in July to 8.19 million tonnes, compared to 3.76 million tonnes shipped in July 2019.  The volume was the second-highest in 2020, behind the 8.4 million tonnes shipped in May, and it also approaches the monthly record registered in December 2019, when the country exported 8.5 million tons of oil.

In the first half of 2020, Brazil had already expanded oil exports to Asia. Petrobras managed to increase fuel shipments by 65.4% during the second quarter, compared to the same period in 2019, as disclosed in July.  Revenues from oil exports last month, however, rose by only 14.7% to US$1.78 billion, limited by oil prices on the international market.  The price of the commodity dropped 47.2% in July, to US$218 per tonne, according to Secex, from US$413.5 per tonne a year earlier.

Source: Reuters

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