Petrobras Exports 1.11 Million Tons of Fuel Oil and Sets New Record

According to Petrobras, the amount of fuel oil exported was 231 percent higher than the volume exported in May of last year

Petrobras reported last night (06/05) a new record for fuel oil exports. According to the state-owned company, 1.11 million tons of fuel oil were exported in May, exceeding the previous record set in February 2020 by 10%. Petrobras Will Have to Renamed the Lula Field

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According to Petrobras, the amount of fuel oil exported was 231 percent higher than the volume exported in May of last year.

In a statement, Petrobras emphasizes that as of 01/01/2020, the new global specification for marine fuels came into effect, which reduced the sulfur content limit in fuel oil from 3.5% to 0.5%, benefiting the product offered by the state-owned company.

The record exports occur during a challenging period for the global economy, with reduced global demand for oil and derivatives caused by the COVID-19 pandemic. The strategy to diversify the destinations of fuel oil exports has proven effective in capturing a greater share of the external market.

Petrobras emphasizes that the achieved record occurs at a challenging moment for the global economy due to the COVID-19 pandemic and reflects the result of actions taken during the crisis to return production in the Exploration and Production area and reconfigure refining loads focusing on products that maximize the company’s margin without putting pressure on inventories.