The Brazilian Foreign Trade Association (AEB) estimates that Brazil’s oil export could reach a record $43.575 billion in 2024. This amount would exceed the previous best figures recorded in 2022 and 2023 ($42.553 billion and $42.539 billion, respectively).

According to the experts, the upward trend in oil export from the South American country should continue in the coming years due to a significant increase in its production by 2030. Brazil, where refining capacity is still very limited and production is increasing, tends to export surplus oil produced.

Increased fuel exports are seen as counterbalancing a potential drop in foreign soybean sales. Its harvest in Brazil in 2023/24 is expected to be 153.8 million tonnes. The decline in production of the crop is attributed to unfavourable weather conditions: excessive heat in the state of Mato Grosso and heavy rains in the southern region of the country. This is reported by
Brasil 247, a partner of TV BRICS.

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