Brazil Emerges as a Key Global Oil Exporter Amid Europe's Shift from Russian Supply

In 2024, Brazil solidified its position as one of the leading oil exporters, sending more than 50% of its production to international markets.

This strategic shift has made Brazil a key alternative for Europe, which, due to sanctions on Russia following the invasion of Ukraine, has had to seek new oil suppliers.

Data from the Institute for Strategic Studies on Oil, Gas, and Biofuels show that exports accounted for 52.1% of all Brazilian commodity sales.

This growth in exports has primarily been driven by deals made by private companies. However, Petrobras, the state-owned company, is planning to increase investments in logistics infrastructure to strengthen its position in foreign markets.

With the rise in exports, oil has become Brazil's top export item, and the expansion of pre-salt oil exploration is expected to continue driving this growth.

However, the increase in oil production has faced criticism from environmentalists, who argue that the intensified use of fossil fuels contradicts the urgency of addressing the climate crisis.