Brazil increased crude exports to Asia in the first half of the year, stealing a slice of a coveted developing market from global rivals who made record cuts to shipments to match the unprecedented fall in demand caused by the coronavirus pandemic.
FILE PHOTO: General view of Brazil's Petrobras P-66 oil rig in the offshore Santos Basin in Rio de Janeiro, Brazil September 5, 2018. REUTERS/Pilar Olivares/File Photo
China also took advantage of the lowest oil prices in decades to fill up strategic storage.”If we had more oil available, China would buy it,” Petrobras Chief Executive Roberto Castello Branco told Reuters in a written response to questions. Asia imported an average of 1.07 million barrels per day of oil from Brazil in the first half of the year, 30% year-on-year hike, according to Refinitiv Eikon’s trade flows data.
Petrobras is confident that the quality of its oil will enable it to defend its enlarged market share in Asia even as global producers begin pumping more oil. Brazil’s rise came as rival Latin American producers ceded ground. Asia’s crude imports from sanctions-hit Venezuela fell by 35% in the same period, while purchases from Mexico dropped 9.5%, the data showed.
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