Petrobras undeterred by tumbling profits

Hefty financial losses and a depressed oil market fail to sway Brazilian NOC from pursuing ambitious upstream strategy

The first half of the year was dire for Brazilian state oil firm Petrobras. The producer posted a combined $10.1bn loss, driven mainly by the oil price shock of Covid-19, currency devaluation and $13bn in impairment charges. But things could have been much worse.

The rapid return of Chinese oil demand in Q2 proved a godsend for the company. Despite the price of Brent falling 42pc and oil exports tumbling by 118,000bl/d in Q2 compared with Q1, shipments bound for China almost doubled to 87pc of total exports, offsetting much of the decline from other regions.

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