Asian crude demand boosts Petrobras
Surging pre-salt oil production will rely on the region for future revenues and rising exports
Robust Chinese crude demand is helping Brazilian state oil company Petrobras offset substantial currency devaluation and pandemic uncertainty. Crude cargoes shipped to the Asian giant rose to 56pc of Petrobras’ exports in Q1, bolstering the firm’s net profit to $231mn. Asian energy demand eased some of the company’s financial distress, while the oil price recovery was another big driver. Brent lifted by 38pc quarter on quarter as Petrobras’ upstream production continued to grow. Total oil and gas output increased by 3.1pc quarter on quarter, to 2.77mn bl/d—with pre-salt production rising to 1.85mn bl/d. But while global market forces are rebounding, the domestic picture has been less convinc
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
