Brazil is projected to import its highest amount of diesel in two years, driven by a strong economy and increased fuel demand during the corn harvest season. Diesel imports are expected to reach 452,000 barrels per day in October, following a similar surge in September, Bloomberg reports. The robust demand is due to the country’s reliance on trucks to transport goods, particularly during the harvest. Brazil’s economic growth, recently upgraded by the central bank, has fueled this increased diesel usage. However, the country’s refineries cannot meet domestic diesel needs, leading to heavy reliance on imports. While most of Brazil’s diesel came from Russia after European and U.S. buyers shunned Russian supplies, U.S. refiners are now regaining market share as Russian refineries undergo maintenance and U.S. diesel prices fall. Market competition for diesel shipments to Brazil may intensify as refineries in Nigeria and Mexico become fully operational, potentially increasing global diesel supply.
Big Jump Expected in Brazil Diesel Imports
Brazil is projected to import its highest amount of diesel in two years, driven by a strong economy and increased fuel demand.
(Farm Journal)
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