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Several Countries Are Looking for New Oil Suppliers and Petrobras Is on the Radar, Potentially Accelerating Exports.
Petrobras’ oil exports could be accelerated as an indirect consequence of the war between Russia and Ukraine. This is because several countries are stopping imports of Russian oil. Thus, Brazil is coming onto the international radar more strongly, especially since the quality of the product coming from the pre-salt is considered excellent due to its low sulfur content.
See Also
- It Won’t Be Petrobras’ Fault If Gas Prices Reach R$ 10 in 2022 If Oil Prices Rise Even More During the War Between Russia and Ukraine
- After Russia’s Invasion of Ukraine, the United States Worked with 30 Other Countries to Release 60 Million Barrels of Oil from Reserves Worldwide to Curb Prices and Stabilize the International Market
The information circulating is that inquiries for the barrel of oil produced by Petrobras have been increasing. Consequently, the state-owned company is expanding its range of new markets, and Brazil is becoming a strong representative of this supplier diversification.
The pre-salt represents more than 75% of the national oil production. Petrobras typically does not sell directly to countries, but only to oil refiners. What is being said is that the excess oil that Petrobras could export is about half a million barrels per day.
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The United States and European nations like the United Kingdom, which together account for 15% of shipments, have already announced that they will no longer purchase oil from the Russians. Therefore, Brazil emerges as an option to meet global demand.
Russia is the second-largest oil supplier in the world. However, due to the invasion of Ukraine, the Russians have faced numerous economic sanctions and the breakdown of international agreements. Even if sanctions were to end, Russia may not be viewed favorably in global diplomacy for some time, facing difficulties in negotiations.
China is the largest importer of Brazilian pre-salt oil. The Chinese account for 38% of the shipments, followed by all of Latin America with 23%.
Allied, China May Increase Oil Imports from Russia. What Does Brazil Have to Do with It?
The outlook for increased international interest in Brazilian oil is positive; however, Petrobras needs to analyze the direction of the economic market in the East due to the war in Eastern Europe. There is still a possibility that the Chinese may start purchasing more oil from the Russians.
Therefore, all possible scenarios must be taken into account before any action or movement by the state-owned company. In the meantime, oil prices fluctuate and the war shows no signs of coming to an end.
On Thursday (10), the price of a barrel of the product reached USD 115, pressuring the state-owned company, which has already announced adjustments resulting in an 18.8% increase for gasoline and a 24.9% increase for diesel.
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