Petrobras undeterred by tumbling profits
Hefty financial losses and a depressed oil market fail to sway Brazilian NOC from pursuing ambitious upstream strategy
The first half of the year was dire for Brazilian state oil firm Petrobras. The producer posted a combined $10.1bn loss, driven mainly by the oil price shock of Covid-19, currency devaluation and $13bn in impairment charges. But things could have been much worse. The rapid return of Chinese oil demand in Q2 proved a godsend for the company. Despite the price of Brent falling 42pc and oil exports tumbling by 118,000bl/d in Q2 compared with Q1, shipments bound for China almost doubled to 87pc of total exports, offsetting much of the decline from other regions. With the gradual reopening of the global economy and a robust Chinese market, Petrobras is forecasting a much better second half of the
Also in this section
3 June 2025
Datacentres to drive demand for gas and position the fuel as more than just a bridging solution
2 June 2025
It is time to acknowledge that the US-Saudi Arabia nexus is driving a fundamental shift in OPEC strategy
2 June 2025
More than anything else, weak Chinese gas demand is providing relief to EU consumers, but it is uncertain how long this relief will last
30 May 2025
Energy majors argue transition debate has started to factor in the complexities of demand shifts and the wider role for gas
