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13 Nov, 2023 05:30

BRICS country imports record amount of Russian oil

Moscow became Brazil’s third-largest crude supplier in October, data has shown
BRICS country imports record amount of Russian oil

Russia delivered a record amount of crude to Brazil in October, becoming the country’s third-largest supplier, RIA Novosti reported on Friday citing statistics.   

The Latin American country resumed crude imports from Russia in September after a two-year halt, the outlet said.   

Moscow exported 207,000 tons of crude worth $133 million in October, as it seeks to strengthen its position as a leading fuel exporter to the fellow BRICS member as part of broader efforts to build new markets.   

October shipments were the largest since at least 1997 both in terms of volume and value, as no earlier statistics are publicly available, RIA noted. Prior to this, Brazil’s record volume of Russian oil purchases came in May 2002, when it totaled 139,800 tons.    

Increased exports helped Russia become Brazil’s third-largest oil supplier last month, behind the US ($346 million) and neighboring Guyana ($187 million). The top five crude suppliers to the Latin American country also includes Algeria ($112 million) and Saudi Arabia ($98 million).  

Along with Brazil, two other BRICS countries, India and China, have emerged as the most active buyers of Russian oil since the EU and G7 imposed an embargo accompanied by price caps on Russian oil and petroleum products.   

Analysts say that discounted Russian oil is a financial benefit for Brazil, as its government struggles to reduce the cost of transport fuels.

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