According to the Brazilian Institute of Oil and Gas (IBP), oil surpassed soybeans as the top exporting product in Brazil in terms of revenue and should finish the year at the top for the first time. As production increases, this position can be maintained in the years to come. According to the institute’s president, Roberto Ardenghy, this shift can also be explained by the demand for Brazilian oil in addition to the rise in output. He said that compared to other nations’ fossil fuels, Brazilian oil, which is primarily derived from pre-salt, produces less CO2. Oil exports reached a record 85.45 million tons between January and November, rising 14.4% from the same time the previous year, giving the fuel raw material a larger role in the nation’s sales.
Source: Reuters (*Translated by Ia Niani)