Financial organizations analysts revised down the Brazilian economic growth forecast for 2014 for the eighth consecutive week. It has been moved from 1.05% last week to 0.97% in the current week.

Over 114,000 tonnes were shipped from Brazil to the Middle East and North Africa in H1. Industry association Abiec’s chairman calls on Saudi Arabia to provide instructions so embargo may be lifted.

Production averaged at 555,000 barrels per day this week and 470,000 bpd last week, after the government repossessed of ports and facilities shut down by protesters.

A mission from the Fund has given a positive assessment of the country’s election calendar, fiscal performance and subsidy reductions, but noted that the economy remains fragile.