Petrobras sets new oil export record despite low demand

Brazilian oil and gas giant Petrobras reached an oil export record during April, exporting 1 million barrels of oil per day, despite challenging circumstances including low oil prices and a sharp decline in demand.

Petrobras said on Monday that this was a new oil export record. 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, the company explained.

The volume exported in April is 145 per cent 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 per cent in relation to the previous quarter (4Q19).

In the first four months of 2020, China was the main destination for sales, absorbing 60 per cent of the oil exported.

Aside from China, Petrobras usually sells oil to the USA, Europe, India, and other Asian markets.

Anelise Lara, Chief Refining and Natural Gas Officer at Petrobras, said: “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”.