Petrobras cuts US oil exports to zero as China becomes top destination
Updated
Updated · Reuters · Apr 30
Petrobras cuts US oil exports to zero as China becomes top destination
10 articles · Updated · Reuters · Apr 30
In January-March, China took about 62% of Petrobras crude exports, while India ranked second at 15% and total oil and derivatives exports rose 47% year on year to 1.12 million bpd.
Record March sales to China followed the Strait of Hormuz closure, while exports to Europe fell to 8% from 19% and the rest of Asia dropped to 8% from 28%.
Petrobras said the Iran conflict reshaped global flows; its Brazil oil production rose 16% to 2.58 million bpd and total oil, gas and derivatives sales increased 12% to 3.22 million bpd.
With record oil exports, why do Brazilians face soaring domestic fuel prices?
How will the Hormuz crisis permanently reroute global supply chains for goods beyond oil?
Is a new Brazil-China energy axis reshaping global trade beyond the current crisis?