The request for the tariff hike was submitted by the Brazilian Chemical Industry Association (Abiquim), which represents local chemical producers in March, citing the need to counteract aggressive foreign competition.
Net US crude imports plummeted by 1.8 million barrels per day, as port activity along the Gulf Coast slowed significantly due to disruptions caused by Hurricane Francine. Meanwhile, exports surged by 1.3 million barrels per day, reaching nearly 4.6 million barrels per day.