Brazil’s oil exports could surpass soybeans again in 2025, according to the IBP. In 2024, oil exports reached $44.8 billion, a 5.4% increase from 2023, with 640 million barrels exported. Despite a 4.4% drop in oil imports, Brazil’s oil trade surplus grew to $36.2 billion. IBP President Roberto Ardenghy predicts Brazil could become the world’s fifth-largest oil exporter by 2032, as global demand shifts from Russia and the Middle East. Brazilian oil’s low carbon intensity also boosts its competitiveness. However, refined oil products remain a weak spot, with a $5.3 billion trade deficit. Potential tax increases, including a vetoed export exemption, could impact the sector. IBP is considering legal action if Congress does not overturn the measure.
Source: Valor Internacional
OIL COULD RECLAIM TOP SPOT IN BRAZIL’S EXPORTS, IBP SAYS
Published On - 7 de February de 2025