Finance Ministry backs extension of 12% oil export tax

Brazil's Finance Ministry has backed extending a 12% tax on oil exports for another 60 days, according to a recommendation sent to the Development Ministry ahead of the levy's Sept. 9 expiration. The Foreign Trade Chamber will vote on the extension Thursday. The ministry cited volatile international markets, supply constraints in the Persian Gulf, and risks to energy transportation routes as justification for maintaining the tax, while noting domestic data show increased refinery processing and lower imports under the measure.