Brazil’s oil exports hit record high, but reveals refining crisis
Brazil has reached a historic high in its energy sector, with crude oil exports hitting an all-time high.
According to new data released by the Ministry of Development, Industry, Commerce and Services, the country’s crude oil and mineral exports totalled US$44.8 billion over the past year, marking a 5.2% increase compared to the previous year.
For the first time, crude oil has surpassed soybeans to become Brazil’s leading export, accounting for 13.3% of the nation’s total export volume.
Petrobras President Magda Chambriard described the shift as “a significant milestone” in Brazil’s export trajectory.
However, beneath this surge in crude shipments lies a concerning structural vulnerability, Brazil’s insufficient domestic refining capacity.
Despite being among the top ten oil-producing countries globally, Brazil exports over half (52.1%) of its oil output in unrefined form. Much of that crude oil returns to the country in the form of imported fuels such as gasoline and diesel. Currently, Brazil imports approximately 10% of its gasoline and a staggering 25% of its diesel requirements.
