Russian Diesel Maintains Strong Presence in Brazilian Market Even After Petrobras Price Adjustment, Says S&P

Written by Paulo Nogueira

Published on 12/12/2023 at 21:48

Complexo Industrial Portuário de Suape, em Pernambuco (Foto: Divulgação) – Todos os direitos: EPBR

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Brazilian Diesel Prices Approach Those Produced in the Gulf of Mexico, But Still More Expensive Than Russian. Import of Russian Diesel Could Reduce Costs.

Imports of Russian diesel to Brazil continue to rise, according to information from S&P Global. Even with the adjustment announced by Petrobras, the demand for Russian diesel remains strong and is expected to continue growing in 2024. The prospect of increased imports of Russian diesel shows Brazil’s ongoing dependence on fossil fuels, particularly oil, highlighting the constant need to find sustainable alternatives for the country’s energy matrix. For more information, click here.

Import of Russian Diesel

According to the consultancy, the country imported 10.5 million barrels of diesel in November, of which 7.7 million barrels, equivalent to 73%, came from Russia.
In the first week of December, 2.2 million barrels of diesel were imported, of which 1.6 million barrels were from the Russian market — contracts are already in place for delivery in January.
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According to S&P Global, traders bring in the cargoes without a designated buyer and ships wait up to a week for buyers in the ports, mainly Itaqui (MA) and Suape (PE).

Adjustment of Diesel Prices

Petrobras has reduced the price of diesel by 6.6% for distributors last Friday (12/8). As a result, it virtually eliminated the gap that existed in relation to the international market.

The price of Brazilian diesel is now close to that produced in the Gulf of Mexico, in the U.S., but it is still more expensive than Russian.
Traders are working with the expectation of another adjustment in January by Petrobras.

Stable Oil. Oil prices closed near stability this Monday (12/11), with fears of a Chinese slowdown counterbalancing optimistic expectations for American and European demand.

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WTI for January closed up 0.13%, at US$ 71.32 per barrel. Brent for February rose 0.25%, to US$ 76.03 per barrel.

Consolidation of Oil Companies. Occidental Petroleum announced the purchase of Crown Rock for US$ 12 billion. As a result, it will strengthen its unconventional gas portfolio in the Permian and Midland basins, the largest in the country.

The acquisition will add 170,000 barrels of oil equivalent per day (boe/d) to Occidental’s production in 2024. And add 1,700 undeveloped exploratory areas.

The acquisition is part of a consolidation movement in the North American oil market. Only this year, two of the largest mergers of the century were announced: Chevron/Hess and ExxonMobil/Pioneer.

Creditors Pressure Unigel. Holders of R$ 500 million in debentures issued by Unigel approved the start of proceedings for debt enforcement. However, the company managed to obtain a 60-day suspension. The debts total over R$ 3 billion.

Braskem CPI. A Parliamentary Commission of Inquiry is expected to be established today in the Senate to investigate the imminent risk of collapse at Braskem’s mine in Mutange, Maceió (AL).

The author of the request for the establishment, Senator Renan Calheiros (MDB-AL) is expected to be the rapporteur.

COP28 Without Consensus. The ‘phasing out of fossil fuels’ was removed from the draft of the Global Stocktake (GST) – the most awaited document at the UN Climate Conference (COP28). The conference ends this Tuesday (12/12) and there was still no consensus on the terms of the document.

The text released in Dubai on Monday (12/11) calls on countries to ‘reduce both the consumption and production of fossil fuels, in a fair, orderly, and equitable manner.’
The language was criticized by Minister Marina Silva and, if approved, will be a victory for OPEC and its allies.
And a defeat for a coalition of over 80 countries, including the United States and members of the European Union, that is pushing for an agreement addressing the phasing out of fossil fuels.

Upcoming COPs

Upcoming COPs. COP29 will be held in Baku, Azerbaijan, from November 11 to 22, 2024. COP30 will be in Belém, from November 10 to 21, 2025. The decision was made by consensus in a plenary session at the conference.

CBIO Record. The RenovaBio established a new record for the issuance of decarbonization credits (CBIOs) in November 2023, with 4.3 million certificates proving energy and environmental efficiency in the production of biofuels.

Until then, the highest number of CBIOs issued in a month had been 3.3 million in October 2020.

By November, 32.3 million CBIOs had been issued, more than the total for last year.

Each credit represents one ton of carbon that was prevented from being released into the atmosphere through renewable fuels.

Raízen Acquires Charging Network. Raízen Power acquired the entire electric vehicle charging network from the startup Tupinambá, consisting of 204 alternating current (AC) chargers — with the potential to expand to over 600 additional points of 7.4 to 22 kW capacity.

Energy from Venezuela. The import price of energy from Venezuela by Âmbar (J&F) far exceeds historical levels. According to Folha, dispatch costs can reach R$ 1,080 per MWh. The Ministry of Mines and Energy justifies that the cost is lower than isolated generation for servicing Roraima.

Âmbar states that there will be a reduction of R$ 1 billion in expenses compared to the existing diesel thermal plants.

Opinion: ‘Atoms for Peace’: milestone for the peaceful use of nuclear energy turns 70 years old. Demystifying negative perceptions of the source is a crucial challenge, writes Marco Antonio Alves.

Source: EPBR

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Russian Diesel Maintains Strong Presence in Brazilian Market Even After Petrobras Price Adjustment, Says S&P

Brazilian Diesel Prices Approach Those Produced in the Gulf of Mexico, But Still More Expensive Than Russian. Import of Russian Diesel Could Reduce Costs.

Import of Russian Diesel

Adjustment of Diesel Prices

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Upcoming COPs

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Russian Diesel Maintains Strong Presence in Brazilian Market Even After Petrobras Price Adjustment, Says S&P

Brazilian Diesel Prices Approach Those Produced in the Gulf of Mexico, But Still More Expensive Than Russian. Import of Russian Diesel Could Reduce Costs.

Import of Russian Diesel

Adjustment of Diesel Prices

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Upcoming COPs

At just 14 years old, a boy creates a system without energy, using steel pipes buried in the ground, that irrigates seedlings with moisture from the air, to combat the water scarcity threatening reforestation in northern China.

Where there was only sand and wind at 40 degrees, China built a megacity of 500,000 inhabitants with farms, wineries, and universities in the middle of the desert using melted glacier water from hundreds of kilometers away.

At over 8,800 meters above sea level, the summit of Mount Everest is made up of rocks that originated at the bottom of an ocean about 500 million years ago and were pushed to the highest point on Earth by the collision of tectonic plates.

A couple builds a system to bring water from the spring to their land, climbs a hill with materials on their backs, and creates a simple, cheap, and sustainable solution to ensure their own water supply.

The end of total solar eclipses has a deadline: the Moon is moving away from the Earth at about 3.8 cm per year, and in approximately 600 million years, it will no longer completely cover the Sun, ending one of the rarest coincidences in the Solar System.

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Lula reveals a masterstroke by Petrobras to undo a deal made by Bolsonaro, which involves the return of an important refinery that currently produces less than half of what was expected and makes Brazil dependent on international diesel.

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Petrobras implements a severe adjustment and confirms a 55% increase in the price of aviation kerosene with a proposal for installment payments for the companies.

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The entire Brazil is expected to face above-average rainfall in the next ten days, with accumulations reminiscent of the peak of summer, raising concerns especially for those living in the Southeast, Northeast, and Northern regions of the country.

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