Brazil Extends 12% Crude Oil Export Tax for 60 Days

Brazil's government approved a 60-day extension of a 12% tax on crude oil exports, maintaining a measure introduced in March after oil prices surged following the outbreak of military actions in the Middle East, The decision by Gecex, the executive committee of the foreign trade chamber Camex, will be reviewed in 30 days. Officials had recently signaled lower oil prices could justify easing or scrapping the levy, but opted to keep it in place. Gecex said the temporary measure reflects developments in global energy markets. The government says revenue from the tax will help fund efforts to cushion consumers from the conflict-driven inflation. Gecex did not immediately respond to a request for comment.