Uncertainty over tariffs halts oil shipments from Brazil to US, says lobby group [Yahoo! Finance Canada]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Yahoo! Finance Canada
Oil is Brazil's top export to the U.S. and was exempt from the 10% April tariff imposed on Brazilian exports, but it is unclear whether the commodity will remain exempt under the new 50% tariff set to come into effect on Friday. "This time we have no way of knowing," said Ardenghy. IBP represents oil companies in Brazil, such as Petrobras, Shell, TotalEnergies, ExxonMobil and Equinor. "Business involving cargo that has to leave Brazil for the U.S. is suspended," Ardenghy said. Instead of shipping their product to the United States, companies are storing oil on floating production vessels or on cargo ships, Ardenghy said. Because it takes around 21 days for a shipment to reach the U.S. from Brazil, oil shipments were stopped once it became impossible to reach their destination before Aug. 1, he said. If there is no exemption, Brazil is likely to redirect shipments to Europe and India, he said. "But, for now, everything is on hold, waiting for what will come on August 1st,"
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