Petrobras Sees No Need to Cut Oil Production

Brazil’s state-run Petrobras sees no need for cuts in oil production, executives say, as the market for its crude remains robust in China, while domestic demand for fuel picks up amid social distancing fatigue in Latin America’s largest economy.

On a Friday earnings call with analysts, executives credited the company’s strong relationship with independent refineries in China’s Shandong Province, known as “teapots,”‘ for allowing Petrobras to export a record amount of crude in recent months, even as some economies are effectively shut. Storage capacity for crude oil and gasoline is not proving to be an issue, they added.

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