Brazil’s state-run Petroleo Brasileiro SA (Petrobras) is seeking out a new market, noticeably India, as it is rapidly boosting its output and exports.
Petrobras has actively sought new buyers in India with hopes for a relevant client within three years. It plans to reduce its dependence on the Chinese market, which is actually continuing to spur amid strong industrial growth, and put more regions on its buyers’ map.
Other than India, Petrobras has also been ramping up fuel exports to Singapore, which has been strengthening buyings of low-sulfur fuel from the company to comply with the new low emission maritime rule.
At the moment, Petrobras is also embracing stronger competition internationally and trying to end its monopoly in Brazilian fuel output. The company plans to be an active seller to be able to compete with other bigger suppliers to Asia such as Russia and Saudi Arabia.
Petrobras’ exports have been hugely absorbed by China but at the moment Brazil has not yet the capacity China is requesting.
The company plans to increase its 2020 production target by 5% with output from its massive, deepwater Buzios field is widening Brazil’s oil surplus in the past weeks.
