The Strategist

Petrobras hits record oil export in April

05/05/2020 - 02:55

Brazilian oil and gas company Petroleo Brasileiro (Petrobras) set a record for oil exports in April, pushing the bar to 1 million barrels per day, or up to 30.4 million barrels per month, the company said.

Bruno Covas via flickr
Bruno Covas via flickr
"We exported 1 million barrels of oil per day in April. This is a new record. The previous record was set in December 2019 and amounted to 771 thousand barrels per day," the company’s statement reads.

This result was achieved against the backdrop of a difficult period in the global economy, a decrease in demand in the oil market caused by the situation with coronavirus.

In general, the company's exports in the first quarter grew by 25% compared with the fourth quarter of last year. "In the first four months of 2020, China was the main sales destination, accounting for 60% of oil exports. In addition to China, Petrobras supplies oil to the United States, Europe, India and other Asian markets," the company noted.

Petrobras expects further positive export performance due to the resumption of demand from China and due to actions to develop new markets.

Earlier, Petrobras, which was planning to produce 2.07 million barrels of oil a day in April, increased this figure to an average of 2.26 million barrels, as demand was above expectations.

The coronavirus pandemic has reduced global demand for oil and petroleum products, as governments, in an effort to slow the spread of COVID-19, are closing borders, halting production and restricting movement around the world.