Oil Exports Rise Significantly, According to the Ministry of Economy

The Ministry of Economy Released Data on Brazilian Oil Exports, Which Were Over 100% Above Average Compared to 2020

According to data released on the 11th (Monday) by the Ministry of Economy, Brazil’s oil exports averaged 387,3 thousand tons per day in the first week of 2021. This figure was over 100% above the average level reported in January 2020, when the country’s oil exports averaged 191,900 tons per day.

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The document shows that in the first week of 2021, the value of oil obtained fell to $284.5 per ton, compared to $404.6 per ton in January 2020. In contrast, the pandemic had a direct impact on commodities.

Brazil’s oil exports reached 70.6 million tons last year, an 18.5% increase compared to 2019. This increase is due to China buying large quantities of oil at lower prices – in terms of sales, shipments fell nearly 19%, to $19.5 billion.

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The Brazilian state-owned company Petrobras reported last week that the company’s oil production in 2020 set a record. The company pumped 2.28 million barrels (bpd) of oil per day, surpassing the historical record set in 2015.

The price of brent oil fell to $1 per barrel and was affected by new concerns about global fuel demand due to the severe lockdown to curb the coronavirus pandemic worldwide and the strengthening of the US dollar.

Eugen Weinberg, an analyst at Commerzbank, says, “The new concerns about demand due to the very high number of new coronavirus infections and other mobility restrictions, along with the stronger US dollar, are generating selling pressure.”