OIL: Uncertainty over tariffs halts oil shipments from Brazil to US, says lobby
Jul-30 19:37
Uncertainty over tariffs halts oil shipments from Brazil to US, says lobby group - rtrs
- Roberto Ardenghy, president of oil lobby group IBP, told Reuters on Wednesday that energy companies operating in Brazil suspended oil shipments to the United States after President Trump announced 50% tariffs on Brazilian exports.
- Oil is Brazil's top export to the US and was exempt from the 10% April tariff imposed on Brazilian exports, but it is unclear whether it will remain exempt under the new 50% tariff set to come into effect on Friday.
- "This time we have no way of knowing," said Ardenghy. "Business involving cargo that has to leave Brazil for the U.S. is suspended," Ardenghy said. He also said instead of shipping their product to the United States, companies are storing oil on floating production vessels or on cargo ships.
- If there is no exemption for oil, Brazil is likely to redirect shipments to Europe and India, he said. "But, for now, everything is on hold, waiting for what will come on August 1st.”
- Brazil exported a total of 1.78 mb/d in 2024, of which 243,000 b/d went to the US, according to government data compiled by consultancy group StoneX.
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- RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6688 High Nov 7 ‘24
- RES 2: 0.6603 High Nov 11 ‘24
- RES 1: 0.6573 High June 30
- PRICE: 0.6571 @ 17:06 BST Jun 30
- SUP 1: 0.6492 20-day EMA
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