Felipe Erlich – 8 ago 2024, 16h01
The institute estimates that commodity exports could reach $50 billion in 2024.
Brazilian oil exports are expected to reach 2.5 million barrels per day by 2030, compared to the current average of 1.9 million barrels per day, an increase of just over 30%. This estimate comes from the Brazilian Institute of Oil and Gas (IBP) and is based on the likely increase in Brazil’s total oil production, which is expected to rise to 4.5 million barrels per day by the end of the decade, according to the institute. As a result, the commodity is set to further strengthen Brazil’s trade balance in the coming years, which has already been on an upward trend.
In the first seven months of 2024, Brazil exported 403 million barrels of crude oil, a 26% increase over the 319 million barrels exported during the same period last year, according to the IBP’s analysis. In monetary terms, crude oil exports contributed $27.8 billion to Brazil’s trade balance, compared to $22.2 billion between January and July 2023, according to data from the Ministry of Development, Industry, Trade, and Services (MDIC).
According to the institute, the country could earn more than $50 billion from oil exports in 2024, potentially surpassing soybeans and positioning oil as the country’s top export product this year.
Source: Veja / BR8
