Inspenet, October 10, 2023.
Oil exports are reactivated
In a major development in trade relations between Brazil and Russia, the European country has resumed oil exports to Brazil after a two-year hiatus.
According to data provided by Brazilian Customs, last month, Brazil imported 84,400 tons of Russian oil, with a total value of 40 million dollars, equivalent to approximately 205 million Brazilian reais.
This volume represents the largest delivery since June 2010, when Russia supplied 117,800 tons of oil to Brazil. Additionally, it marks the first delivery since August 2021, when 42,100 tons of oil worth $16.6 million were exported to this Latin American nation.
The last time Russia sold oil to Brazil was in August 2021 and since then exports have been reduced due to restrictions imposed by the Russian government on the sale of gasoline and diesel .
As for petroleum products, Russia’s exports to Brazil experienced a 22 percent decrease in volume month-over-month in September, reaching 717,300 tons, and a 13 percent reduction in value, totaling 593.8 million of dollars.
The resumption of these exports is considered a positive step for commercial relations between both nations. Brazil seeks to diversify its sources of oil supply , while Russia seeks to strengthen its commercial ties with the South American country.
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