Brazil: Exports to Exceed Imports in 2014

Brazil will export more crude oil in 2014 than it will import, Magda Chambriard, director general of Brazil's oil regulator, the ANP, said on Tuesday.

If her prediction comes true, the oil-trade surplus will be Brazil's first since 2012, when the country exported $20.3 billion of crude oil and imported $13.4 billion, according to Brazil's commerce and trade ministry.

Brazil had an oil trade deficit in 2013, importing $16.3 billion of crude oil and exporting $13 billion, the ministry said on its website.

As most of Brazil's oil output is heavy crude oil and its refineries operate best with light crude, Brazil exports domestic oil to buy lighter, imported grades.

Chambriard, who spoke at an event in Sao Paulo, did not say if Brazil would have a deficit or surplus in refined products such as gasoline and diesel fuel. Fuel imports have been rising as the country's fuel demand outstrips the ability of refineries to meet it.

Reporting by Leonardo Goy and Jeb Blount