BRAZIL EXPORTS 54% OF OIL PRODUCTION IN THE FIRST NINE MONTHS OF THE YEAR, SHOWS INEEP

Brazil exported 54% of its oil production from January to September 2024, averaging 1.8 million barrels per day (bpd), up 260% from a decade ago. This growth stems from increased pre-salt production and limited refining capacity, which only grew by 7.5% in ten years. China received 46.2% of exports, followed by the U.S. (13.1%) and Spain (10.2%). Petrobras leads in exports, despite rising private contributions. However, Brazil still imports oil derivatives due to insufficient refining capacity. The Strategic Institute of Oil, Natural Gas and Biofuels (INEEP) warns that dependency on imports makes Brazil vulnerable to price fluctuations and limits long-term development. Expanding refining and integrated industrial policies are vital for energy security and economic growth.
Source: Nova Cana