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Brazilian oil exports hit new record in February


Image Source: ET Energy World

Government data showed that Brazilian oil exports hit their second consecutive record in February, with shipments almost double the level of the same period in 2016, as new offshore production continues to come on stream.

According to data from Brazil’s trade ministry, oil exports rose to 6.23 million tonnes (roughly 45.7 million barrels), 94 percent higher than in February of last year and 12 percent higher than in January.

The sharp increase is the result of rising production from Brazil’s offshore area known as the subsalt, where massive discoveries have been made since the end of the last decade.

Source : REUTERS

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