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
14 July 2025
Robust demand and a limited supply of additional physical barrels from key OPEC+ producers has kept the oil market in a healthy price range
11 July 2025
Equinor and its partners at Norway’s largest oilfield have pulled the trigger on a fresh $1.3b investment that will maintain high output for longer
11 July 2025
Reassessment of the country’s export-facing gas policy coincides with worsening domestic market backdrop
10 July 2025
Without sanctions relief, there is little reason to believe the latest potential attempt at exports from the Russian liquefaction project will be more successful than the one last summer