Brazil's crude oil export prices 2019-2024

In November 2024, crude oil exported from Brazil had an average price of 0.46 U.S. dollars per kilogram, after attaining 0.48 U.S. dollars the month prior. Global oil prices fell in the latter half of 2024, which is reflected in the decrease in Brazil's oil export prices.

China is most important trading partner

China remains the primary destination for Brazilian crude oil exports, accounting for over 44 percent of shipments in 2024, followed by the United States at 13 percent. This underscores the importance of these markets for Brazil's oil industry. While exports thrived, Brazil's crude oil imports saw a slight decrease in 2024, totaling nearly 8.7 billion U.S. dollars. This decline in imports occurred alongside a drop in the average price of imported crude oil and condensate, which fell by about two percent to 83.87 U.S. dollars per barrel.

Natural gas imports and domestic production

Similar to crude oil, Brazil's natural gas imports also experienced a decline in 2023. The country imported approximately 6.5 billion cubic meters of natural gas, with 5.6 billion cubic meters in gaseous form and 0.84 billion cubic meters as liquefied natural gas (LNG). The decrease in imports can be attributed to Brazil's growing domestic natural gas production, highlighting the country's efforts to reduce dependence on foreign energy sources and strengthen its position in the global energy market.