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While oil production reduces around the world, Brazil increases export

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While oil production reduces around the world, Brazil increases export
May 05
09:00 2020

Petrobras, a Brazilian state-owned oil and gas corporation, has  released April reports. It became known that in a month the Brazilians had increased exports to record levels. In the second spring month, the average value of this indicator amounted to one million barrels per day.

This is 145% more than the export figure in last April.

The company’s press release explains the unprecedented increase in exports by the spreading pandemics and the associated reduction in domestic demand.  Petrobras has managed to saturate the national market at minor expense. The excess was expectedly exported. The latest such a growth was recorded in last December then the export volume amounted to 771 thousand barrels per day.

Who buys Brazilian oil? China is the main consumer of Petrobras oil. The Celestial Empire ransoms about 60% of exported oil. In addition to China, the Brazilians ship oil to Asian, European and American markets.

We recall that from May 1, the OPEC+ agreement to reduce production by 9.7 million barrels per day came into force. It was assumed that Canada, the United States and Brazil would extract another 3.7 million barrels. The Brazilians at Petrobras initially planned to reduce production, but, seeing a revival in demand in China, quickly changed their mind and continued to increase exports.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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