Brazil Shatters Crude Export Records in October: A Short Note
Exports to China are also at record high, increasing oil on water (with three charts)
Brazil’s oil production rose to a record high, driving crude exports to a record high in October, as shown in Figure 1. This increase exerts downward pressure on prices, but as seen in September, large surges often lead to sharp declines, supporting prices and boosting volatility. Below we debunk two stories: the bearish impact of increasing oil on water and the claim that sanctions forced Brazil to reduce diesel imports from Russia while increasing imports from the US to mend relations with President Trump.