Due to War, the World Is Eyeing Pre-Salt Oil: Can Brazil Take Russia's Place as a Supplier of Oil from Our Reserves to the World Through Petrobras?

Due to War, the World Is Eyeing Pre-Salt Oil: Can Brazil Take Russia’s Place as a Supplier of Oil from Our Reserves to the World Through Petrobras?

Written by Junior Aguiar

Published on 11/03/2022 at 05:31

Updated on 13/03/2022 at 10:00

Brasil está no radar de grandes potências internacionais para fornecimento de petróleo | Imagem: Agência Brasil via Google

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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.

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%.

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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.

Due to War, the World Is Eyeing Pre-Salt Oil: Can Brazil Take Russia’s Place as a Supplier of Oil from Our Reserves to the World Through Petrobras?

Several Countries Are Looking for New Oil Suppliers and Petrobras Is on the Radar, Potentially Accelerating Exports.

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Due to War, the World Is Eyeing Pre-Salt Oil: Can Brazil Take Russia’s Place as a Supplier of Oil from Our Reserves to the World Through Petrobras?

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