Oil exports from Brazil more than doubled in July

Aug 4, 2020

(Reuters) – Brazilian oil exports more than doubled in July to 8.19 million tonnes, compared to 3.76 million tonnes shipped a year earlier, according to data from the federal government released on Monday, following the exchange rate and firm demand from China.

The volume was the second highest in 2020, behind only the 8.4 million tons shipped in May, and also approaches the monthly record registered in December 2019, when the country traded 8.5 million tons of the commodity, according to with the Foreign Trade Secretariat (Secex).

Brazil had already expanded its oil exports to Asia in the first half, gaining a market share from rivals that had cut record shipments.

In this context, Petrobras managed to increase fossil fuel shipments by 65.4% during the second quarter of the year, compared to the same period in 2019, as reported in July.

Revenues from oil exports in July, however, rose 14.7% to $ 1.78 billion, less than volume, limited by oil prices on the international market.

The price of the commodity dropped 47.2% in July, to $ 218 per ton, according to Secex, from $ 413.5 per ton a year earlier.

 

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