INSUBCONTINENT EXCLUSIVE:
then, production has surged
(bpd).This surplus oil goes abroad
In 2023, Brazil exported 1.6 million barrels per day
Out of the 23 OPEC+ members, nine export less than 1.6 million bpd.Despite being a top oil exporter, Brazil faces a paradox
It also imports large amounts of fuel.Brazil: The Oil Exporting Giant That Needs to Import Fuel
(Photo Internet reproduction)In 2023, Brazil imported 14.7 billion liters of diesel
Of every ten truck trips, 2.2 used imported diesel
The country imported 22.4% of its diesel consumption.One in ten truck trips burned exclusively Russian diesel, cheaper due to commercial
The United States provided 25%
For gasoline, of every R$300 spent on fuel, R$37 went towards imports.In 2023, Brazil consumed 33.3 billion liters of gasoline, excluding
growth.Normally, this would attract private investment to increase refining capacity.However, until 2019, Petrobras controlled 98% of
Competing against this giant was daunting for new players.Brazil: The Oil Exporting Giant That Needs to Import FuelIn 2019, under Bolsonaro,
The goal was for the market to balance refining capacity with oil production.The plan did not fully succeed
Only three refineries were sold
This level of control stifles competition.Companies that bought refineries find themselves dependent on Petrobras
It controls most fuel production.This dependency sets profit margins by the state
True competition remains limited
Petrobras still dominates the market.On May 22, Cade confirmed this situation
Petrobras no longer needs to sell the remaining five refineries.It will maintain its 78% market share
This share could increase if it buys back any sold refineries.This decision ends reliance on the market to solve refining issues
Control returns to the state
The state created the problem.This situation highlights the complexity and challenges in balancing oil production and refining capacity in
