Concurrently, Brazil exported approximately 51% of its crude oil output in 2025, a sustained pattern since 2024 where over half the production has been directed overseas. Key export destinations included China, which absorbed around 45% of crude exports, followed by the United States (10.8%), Spain (7.4%), the Netherlands (7%), and India (4.4%). This export volume positioned crude oil as the country’s leading export commodity, surpassing traditional sectors such as soy and iron ore for the second consecutive year.
Despite these record volumes, Brazil’s refining infrastructure has seen marginal growth, with national refining capacity rising by just 0.37% annually from 2014 to 2023. Petrobras’ refining capacity declined due to asset divestments, reducing its capability from roughly 2.31 million b/d in 2014 to 1.9 million b/d in 2023. This limited refining expansion has perpetuated a structural contradiction: Brazil exports lower-value crude oil while importing refined derivatives like diesel and gasoline, diminishing potential industrial and economic gains and increasing vulnerability to global price volatility.
Financially, January 2026 marked a record monthly export volume of 10.57 million tonnes, up 13.3% from the previous year. However, revenue declined by 7.8% due to an 18.6% drop in average export prices. The disparity between volume growth and declining prices underscores the challenges facing Brazil’s oil export strategy amid global market fluctuations. Petrobras remains a dominant producer, responsible for nearly 90% of oil and gas production as operator, but its proportional share of exports is shrinking due to rising output from independent and multinational companies lacking domestic refining integration.
This article was curated and published as part of our South American energy market coverage.
