Petrobras breaks exporting records in spite of COVID-19

Petrobras exported 30.4 million barrels of crude oil in April at an average of one million barrels per day. These numbers represent a new record for oil exports and are a contributing factor to increasing the company’s cash flow. This constitutes a 145% increase compared to the amount exported in April 2019. The previous record was 771 thousand barrels per day in December 2019.

The increase in exports is occuring at a challenging time for the oil economy. The challenge being a great reduction in the global demand for oil and oil products, because of the coronavirus outbreak (COVID-19). Due to the strong recession of the Brazilian market, Petrobras are directing their efforts at exporting oil, once national demands have been met.

“We are attentive to international movements and are aware of all markets. Our oil, with low amounts of sulfur, retains its value in the international market due to the specifications of IMO 2020”, said Anelise Lara, director of Natural Gas refineries at Petrobras. The specifications of IMO 2020 reduced the maximum amount of sulfur content in fuel oil from 3.5% to 0.5%.

According to the executive, in the first quarter of 2020, China has been the main destination for sales, absorbing 60% of exported oil. Apart from China, Petrobras usually sells oil to American, European, Indian and other Asian destinations. “We are directing our efforts towards exporting oil and oil products through a series of logistical actions, which enable the expansion of our capacity. We hope to keep up a good performance, as a result of resumed Chinese demand, coupled with actions to develop new markets for our products ”, added Lara.

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