Petrobras on Fuel Oil Exports

Source: 6/5/2020, Location: South America

Petrobras reports that it exported 1.11 million tons of fuel oil in May, surpassing the previous record set in February 2020 by 10%. The amount of fuel oil exported was 231% higher than the volume exported in May last year.

It is important to highlight that, on 01/01/2020, the new global specification for marine fuels (IMO 2020) came into force, which reduced the limit of the sulfur content in fuel oil from 3.5% to 0.5%, which has generated a unique opportunity for Petrobras, which produces oil and fuel oil with low sulfur content.

The record in exports occurs in a challenging period of the world economy with reduced global demand for oil and oil products caused by the COVID-19 pandemic. The strategy of diversifying the destinations of fuel oil exports has proved effective in capturing greater participation in the foreign market.

The record achieved reflects the result of actions taken during the crisis to return production to the Exploration and Production area and to readjust refining loads by focusing on products that maximize the company's margin without putting pressure on inventories.

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