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Brazil resorts to Iraqi gasoline to remedy a potential crisis DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Brazil resorts to Iraqi gasoline to remedy a potential crisis

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Brazil resorts to Iraqi gasoline to remedy a potential crisis Empty Brazil resorts to Iraqi gasoline to remedy a potential crisis

Post by RamblerNash Thu Nov 18, 2021 9:40 pm

Brazil resorts to Iraqi gasoline to remedy a potential crisis 29730
 
11/18/2021

Economy News _ Baghdad

On Thursday, Brazil announced its intention to purchase gasoline from three Arab countries, including Iraq, during the current month of October, to remedy a potential crisis.

The Arabic-speaking Brazil News Agency said, in a report seen by "Economy News", that Brazil will resort to importing gasoline and diesel for the current month of November from three Arab countries, including Iraq, attributing this to the inability of the state-owned Petrobras to meet all domestic demand and to avoid a fuel crisis. potential.

She explained that Brazil may resort to increasing its fuel imports during the month of November to avoid falling into a fuel crisis at the local level.

She added that the sector received this warning after the Brazilian state oil company Petrobras announced its inability to meet the full demand for gasoline and diesel for the current month, which exceeds its ability to supply by 10% and 20% for both substances, respectively.

She indicated that although Brazil is self-sufficient in the oil sector, it exports crude oil and imports some derivatives such as gasoline and diesel, explaining that about 80% of the domestic consumption of oil derivatives is provided by national refineries, which are mostly owned by Petrobras. The rest (20%) shall be handled by importers.

She pointed out that among the exporters of petroleum products to Brazil are some Arab countries such as Saudi Arabia, Algeria and Iraq.

Last October, Petrobras announced the possibility of relying on importing companies to meet the additional demand for derivatives.

In a statement issued by the director of the "Brazilian Center for Infrastructure", Pedro Rodriguez, he confirmed: "We will witness an increase in the volume of imports."

However, there is resistance from the market not to comply with this option, as fuel prices in other countries are high and have reached levels that exceed the average in Brazil.

https://economy-news.net/content.php?id=26805
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