Related Articles
Forward article link
Share PDF with colleagues

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 convi

Comments

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
North Sea independents aim to reap carbon footprint benefits
3 December 2021
Two of the basin’s larger producers consider ways to cash in on relatively greener production
Southeast Asian NOCs take different paths
3 December 2021
Petronas, PTT and Pertamina are pursuing divergent strategies after coming to dominate the region’s upstream in recent years
Aramco back to petchems drawing board
3 December 2021
The Saudi heavyweight’s international downstream expansion strategy will need another reboot
Sign Up For Our Newsletter
Project Data
Maps
PE Store
Social Links
Social Feeds
Featured Video