Despite having recently become the third largest supplier of oil to China, ahead of the United States, Brazil is still a relatively small seller for the Asian country.

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In an interview as part of the Reuters Commodity Trading Summit, Chief Executive Roberto Castello Branco said oil sales to China – an increasingly vital export market for Brazilian crude – will continue to rise amid strong industrial growth. there and the acceleration of some of the largest offshore fields in the world in Brazil.

But the state-owned company's newly reorganized marketing and logistics division is actively exploring additional markets, particularly in Asia.

Petrobras has started looking for new buyers in India, hoping to become a relevant customer within three years as it seeks to diversify its buyer mix and minimize its dependence on China.

“We expect this to have a positive evolution in the near future, in approximately three years to have a consolidated position in the (Indian) market,” Castello Branco told Reuters.

The company has also increased fuel oil exports to Singapore. The country, which acts as a shipping hub, increased purchases of low-sulfur fuel from Petrobras to comply with new maritime legislation aimed at reducing greenhouse gas emissions.

Production from its huge deepwater Buzios field is adding to Brazil's oil surplus and has allowed Petrobras to increase its 2020 production target by 5% in recent weeks.

The Brazilian oil company is also preparing to face tougher internal competition, as it sells refineries and tries to end its near-monopoly on Brazilian fuel production. “To face stronger competition, we created a logistics, sales and marketing division … to act as an active salesperson, not a passive salesperson,” said the CEO.

Despite having recently become the third largest supplier of oil to China, ahead of the United States, Brazil is still a relatively small seller for the Asian country compared to Russia and Saudi Arabia, said Castello Branco - but not because lack of appetite. China would absorb all the oil Brazil has to offer and often pays a premium for its oil from Brazil's Tupi field, the executive said.

In April, Petrobras reached the historic mark of 1 million barrels per day of crude oil shipped to China, as a sharp drop in domestic fuel consumption diverted oil from domestic refineries. “At the moment, we don't have the capacity to sell 1 million (barrels per day),” he said. “With the increase in oil production, we will have availability for that”.