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The International Market Opened Its Doors for Low Sulfur Oil from Petrobras Coming from the Pre-Salt
It seems that Petrobras’ new formula for low sulfur oil from the Pre-Salt is proving to be a great success in the international market. In a press conference, the current president of the state-owned company reported that the product is being sold as a brand reference abroad.
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“I have good feelings; after all, the oil market out there is much larger than in Brazil. Here, I can not only showcase the low sulfur oil coming from the pre-salt but also have more flexibility amid the pandemic.
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Exports of Low Sulfur Fuels from Petrobras’ Pre-Salt Saw Significant Increases Amid the Pandemic
The Brazilian state oil and gas company, Petrobras, saw monthly fuel oil exports jump year on year. May’s figure of 1.11 million tons of fuel oil exceeded February’s number (the previous record) by 10%. However, compared to the same month the previous year, the increase was 231%, according to the news agency Mercopress.
Petrobras has been focusing on pre-salt fuel exports as the global market shifts toward products with lower sulfur content. The company stated that the new global sulfur specification for marine fuels is behind the increase.
“With demand for our products proving to be better than expected, we opted to gradually return average production to about 2.26 million barrels per day in April while also increasing utilization rates at the refineries,” Petrobras told Reuters.
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