oil Platform
The account of oil, that records the brazilian exports and imports of oil and oil products, ended 2016 with a positive balance of US$ 410 million. It is the first surplus in the history of the account, traditionally in deficit. The result was released today (2), together with the data of the trade balance, which recorded a trade surplus record of US$ 47,69 billion last year.
The deficit on account of oil occurred historically because the country imports more than it exports oil to the rest of the world. According to data of the Ministry of Industry, Foreign Trade and Services, the deficit average recorded since 1997 is in the home of the$ 5 billion per year.
The point outside of the curve in 2016 has a relationship with three factors: a reduction in the international price of oil, decline in imports as a function of the reduction in consumption caused by the crisis, and the increase in the quantity produced for export. "The conclusion is that the surplus in 2016 is cyclical and not structural," explains Abram’s Grandson, secretary of Foreign Trade of the ministry.
The secretary of Foreign Trade, Ministry of Industry, Abram’s Grandson, says that the surplus of the account-oil is cyclical and not structural
the Grandson recalls that in the years of 2013 and 2014 there were also distortions in the account oil caused by the factors of cyclical fluctuations, with the difference that led to deficits in record-breaking time of surplus. In 2013, the account had a negative balance of US$ 20,39 billion and, in 2014, US$ 16,97 billion.
"These deficits have explanation almost equal to the surplus, but with the sign changed. At the time, we had a quote of the price of oil very high. There was an increase of brazilian imports with the power stations and the fleet [of vehicles] reaching record numbers. We also had reduction in exports, with lower production due to shutdown for maintenance of the platforms," he explained.
According to data from the ministry, the price of crude oil recorded a drop of 14.8% in 2016 in comparison with 2015. The commodity came up with a recovery in the second half of last year, which should continue in 2017, according to the main projections for the sector.
Edition: Luana Lourenço
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