Brazilian crude exports climbed to around 1.54mn b/d (6.54mn t) in March, an almost 17pc increase over February and the highest volume since July 2020, according to data from oil regulator ANP and preliminary trade ministry figures.
Exports for the third month of the year were slightly higher than the 1.50mn b/d dispatched in March 2020, just as the Covid-19 pandemic upended global oil markets.
Brazilian oil production dipped slightly in February, mainly the result of a drop in post-salt flows, but is expected climb slightly throughout the first half of the year.
China accounted for around 50pc of the $2.5bn in receipts from outflows, stable compared with the 78.5pc of the $1.61bn in February receipts.
The US, South Korea, Jamaica, Spain and Chile all increased their share of receipts compared with the same month in 2020. Portugal, India and the Netherlands saw their share drop from 2020 values.
Brazil's state-controlled Petrobras, the country's biggest oil producer and exporter, says meeting domestic fuel demand is the top priority when determining the volume of crude exports. This year's crude exports are expected to remain close to the 713,000 b/d dispatched in 2020.
Company executives have said that this year would likely not see a repeat of 1mn b/d export records set during the first Covid-19 infection wave in Brazil. But recent movement restrictions adopted by several Brazilian states in an attempt to contain a deadly second wave could dampen domestic fuel demand, opening more crude for export.
