Brazil maintains oil export tax as Portugal delays elevator probe

Brazil's Ministry of Finance has recommended maintaining the 12% export tax on crude oil and bituminous minerals until the current Gecex resolution expires. The decision is driven by geopolitical volatility, including tensions between the United States and Iran, and threats to maritime traffic in the Strait of Hormuz and the Red Sea. The economic team noted that while oil prices have retreated from their peak, market fluctuations and supply route uncertainties necessitate continued caution.

In Portugal, the final report regarding the Elevador da Glória tragedy, which claimed 16 lives, has been delayed until March 2027. The Accident Investigation Bureau cited the extreme technical complexity of the investigation, noting the vehicles are unique in the world with limited documentation. The probe involves specialized entities analyzing cables, brakes, and electrical circuits, alongside human and organizational factors. A preliminary report previously identified maintenance failures and lack of worker training.