Oil industry keeps Brazilian economy afloat

The oil derivatives industry is showing signs of growth in Brazil even as the economy stagnates.

April and May were rough months for the Brazilian economy, which remained stagnant for the most part.

Among the industries showing a positive balance is the oil industry, with derivative products such as petcoke their shining star, according to a report by Agencia Brasil. The states of Pará, Mato Grosso and Bahia were the only ones to register a positive result and growth in the last few months regarding the rest of the Brazilian industries.

The northeast region registered a general growth of 0.3 percent, with petcoke and other oil derivatives pairing with the good results in the food and mining industries.