	brazil cancels oil purchase from saudi arabia brazil s state oil company petrobras cancelled a mln dlr  oil purchase from saudi arabia after the saudis refused to accept credit guarantees from the bank of brazil a petrobras official said export director carlos santana told a press conference the saudis were the first suppliers of oil to impose such conditions after brazil s decision to halt interest payment of its commercial debts last month the shipment of mln barrels represents two days of oil consumption in brazil but santana said if the saudis change their minds and decide to respect the terms of the contract then petrobras will lift the order to cancel the shipment santana said if the saudis do not accept brazil s terms by monday then petrobras will negotiate elsewhere petrobras has been saudi arabia s traditional client since if they do not accept our conditions now it will be much better for us because with the market prices more or less the same buying from iraq and china is an advantage he said iraq and china have barter deals with brazil importing brazilian goods in exchange for oil but the saudis buy nothing from brazil he said santana said despite a strike threat by oil industry workers and a two week stoppage by brazilian seamen petrobras oil stocks are reasonably balanced saudi arabia is brazil s second biggest oil supplier with an average bpd iraq is the main supplier with bpd china comes third with bpd if the saudis wish to stop our trade relationship fine i am sure that if they do we will be getting dozens of offers from elsewhere santana added reuter 
