The January-September total of Brazilian oil exports to China stood at 33.69 million tons, which equaled about 915,000 bpd. This was a 15.6 % increase on the year, Reuters said, based on its own calculations.
China’s total imports during the first nine months of the year jumped by 13 % despite the pandemic as refiners gobbled up dirt cheap crude oil from wherever they could. Russia was the biggest supplier of crude to Asia’s now largest economy for most of that time. It enjoyed a 16 % increase in exports to China. The country’s №2 supplier, Saudi Arabia, recorded a 6.5 % increase on the year during the 9-month period.
Brazil managed to expand its crude oil exports this year, at least during the 1st half, despite the pandemic. Most of the oil went to Asia as economies there reopened after the lockdowns, and Petrobras could offer more attractive terms than competitors, Reuters noted in a July report.
This year’s output will also be higher than last year’s, again despite the pandemic. Petrobras slashed its planned spending like every other oil and gas company, but production continued to grow thanks to developments in the presalt zone, estimated to contain most of Brazil’s hitherto undeveloped oil and gas riches.
Author: Charles Kennedy
