Brazil’s Gecex has extended the 12% export tax on crude oil and bituminous minerals for up to 60 days, with a policy review scheduled in 30 days. The measure aims to safeguard domestic fuel supply and ensure feedstock availability for local refineries amid renewed geopolitical tensions in the Middle East, particularly around the Strait of Hormuz. Introduced in March to offset federal diesel tax cuts, the levy had been expected to be phased out as oil prices eased. That plan has been suspended after Brent crude rebounded toward USD 80 per barrel on concerns over potential disruptions to global oil supplies.
Source: Datamar News / Agência Brasil
BRAZIL EXTENDS 12% CRUDE OIL EXPORT TAX FOR 60 DAYS
Published On - 26 de July de 2026