Brazil Oil Derivatives, Product Imports Soar In March - ANP
Friday May 8th, 2009 / 21h03
RIO DE JANEIRO -(Dow Jones)- A surge in imports of oil derivatives pushed Brazil close to net oil importer status in March as domestic demand surged and Latin America's largest economy showed signs of life.
The reversal nearly halted the country's attempt to return to net exporter status, which it held in 2006 and 2007. Last year, Brazil was a net importer on heavy demand for diesel fuel and light sweet crude.
In March, Brazil imported 10.612 million barrels of crude oil while exporting 11.160 million barrels, Brazil's National Petroleum Agency said. More important, the country imported 9.431 million barrels of oil products and derivatives while exporting 6.457 million barrels.
March total imports were up 21% from February imports of 16.554 million barrels of crude oil and products. Meanwhile, total exports dropped 26% from February's 23.879 million barrels.
Brazil generated export revenue of $614 million in March versus import expenses of $1.19 billion, the ANP data showed. The agency used the latest data available from Brazil's Ministry of Development, Industry and Commerce to calculate the figures.
February's figures were partially skewed by seasonal factors, including the Carnival holiday, that crimped demand. Brazil's economy, which had slowed dramatically at end-2008 and to start the year, has shown signs of life in recent weeks.
Brazil state-run oil company Petrobras (PBR) typically imports more expensive light crude and diesel, while the company exports less-valuable heavy crude and gasoline.
The differential is most evident in the year-to-date figures through March. While Brazil remained a net exporter in volume terms, in dollar terms the country still imports much more than it exports.
In the first quarter, Brazil imported 53.991 million barrels of crude oil, derivatives and products, spending $2.82 billion. The country exported 59.552 million barrels during the period, generating revenue of $2.11 billion.
Petrobras has ramped up oil production to start 2009, bringing several new platforms on stream. In March, the company registered record average daily crude production of 1.992 million barrels. But it's apparent that the increased output may not be enough to offset stronger domestic demand as Brazil's economy returns to full health.
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