Brazil Maintains 12% Crude Oil Export Tax for 60 Days, to Reassess Within 30 Days

According to Brazil's trade executive committee (Gecex), the government maintained a 12% crude oil export tax for an additional 60 days on Thursday (July 9). The committee stated it will reassess the measure within 30 days.

The tax was initially introduced in March in response to rising crude prices amid the Iranian conflict. Officials have noted that recent declines in oil prices could provide an opportunity to reduce or eliminate the export tax, though that option was temporarily shelved pending further review.