After a two-year hiatus, Russia resumed oil exports to Brazil last month, marking a significant moment in the trade relations between the two countries.
The return of Russian oil to Brazil is seen as a positive sign for the trade relations between the two nations. According to data from the Brazilian Customs, imports of Russian oil totaled 84,400 tons, valued at 40 million dollars.
This is the largest delivery since June 2010 when Russia supplied 117,800 tons of oil to Brazil.
The resumption of Russian oil exports came after a two-year period without any transactions. The last time Russia exported oil to Brazil was in August 2021 when it sent 42,100 tons of the product. Since then, Russian exports of petroleum products to Brazil have decreased in volume, decreasing by approximately 22% on a monthly basis to 717,300 tons in September. Additionally, there was a 13% reduction in terms of value (about 593.8 million dollars).
It should be noted that the decline in Russian exports to Brazil occurred after the Russian government imposed a temporary restriction on the sale of gasoline and diesel abroad, a measure that directly affected Brazilian imports of petroleum products from Russia and resulted in a decrease in imported quantities and an increase in prices.
The return of Russian oil to Brazil is seen as a positive signal for the trade relations between the two countries. The decision can help meet the growing demand for oil in Brazil and diversify the country’s supply sources. Russia, in turn, can benefit from increased oil and derivative exports, strengthening its trade ties with Brazil.
