May 4, 2020
Petrobras exported 1 million barrels of oil per day in April. This represents a new oil export record and contributes to strengthening the company’s cash flow. The previous record was 771 thousand barrels per day, set in December 2019.
The result occurs in a challenging period of the world economy, with high reduction of global oil and oil products demand, caused by the outbreak of new coronavirus (COVID-19). Due to the strong contraction of the national market, Petrobras is directing efforts to export its production, after meeting domestic demand.
“We are attentive to international movements and accessing all markets. Our oil, which is low sulphur, maintains its value in the international market due to the specifications of IMO 2020 ”, informs Anelise Lara, Chief Refining and Natural Gas Officer at Petrobras.
The volume exported in April is 145% higher than that sold internationally in April 2019. The growth follows the trend observed in the first quarter of 2020, when there was an increase of 25% in relation to the previous quarter (4Q19).
In the first four months of 2020, China was the main destination for sales, absorbing 60% of the oil exported. Besides China, Petrobras usually sells oil to the USA, Europe, India and other Asian markets. “We are directing our efforts to export oil and oil products through a series of logistical actions, which allow us to expand our capacity. We expect to continue with a good performance of our exports, due to the resumption of demand from China together with actions to develop new markets for our products.”, added Anelise.