Brazil Extends 12% Crude Oil Export Tax to End of 2026

en.Wedoany.com Reported - On November 5, the Executive Management Committee of Brazil's Chamber of Foreign Trade (Gecex-Camex) approved at its 242nd regular meeting the extension of the 12% tax rate applicable to exports of crude oil and bituminous mineral oils until December 31, 2026. The decision was formally implemented through Resolution No. 977, which was published in Brazil's Official Gazette on November 6 and took effect on November 7, applying to products under tariff code 2709 of the Southern Common Market Common Nomenclature (NCM).

The extension was requested by Brazil's Ministry of Finance. Brazil's Ministry of Development, Industry, Trade and Services stated that the Ministry of Finance took into account, when making the request, the unfavorable conditions in the international energy market caused by the ongoing Middle East conflict, as well as the need to maintain normal domestic supply of petroleum products, particularly diesel. The resolution maintains the current 12% rate and explicitly sets the implementation period through the end of 2026.

Brazil began imposing a 12% temporary export tax on crude oil in March 2026, and subsequently maintained the rate through resolutions of the Chamber of Foreign Trade. Previously, Resolution No. 957 provided for a 60-day extension of the relevant rate starting from September 8. The current Resolution No. 977 further extends the taxation period and continues to apply to exports of crude oil and bituminous mineral oils.

According to data published by Brazil's Federal Revenue Service, crude oil export tax revenue in September 2026 amounted to approximately 2.943 billion reais, with cumulative revenue for the year reaching approximately 12.869 billion reais. The Brazilian government had previously estimated that full-year crude oil export tax revenue could reach approximately 22 billion reais, with part of the revenue used to support fuel price buffer measures.