Brazil extends oil export tax through year end, advances US reciprocity process
USO•Brazil extended a 12% crude oil export tax through December 31 to help maintain domestic supplies of oil products, and created a working group to assess reciprocal measures against the United States.
1. Tax extended through December
Brazil's foreign trade chamber executive committee approved extending a 12% tax on crude oil exports through December 31. The Finance Ministry requested the extension, citing adverse conditions related to the Iran-U.S. conflict and the need to maintain normal domestic supplies, mainly of diesel.
2. US reciprocity process
The committee also created a working group to assess reciprocity with the United States. Brazil opened a process in August that could lead to reciprocal measures after the U.S. announced tariffs on some Brazilian goods in July.
