Petrobras: Petrobras sets a new record for fuel oil export

Petrobras sets a new record for fuel oil export

New worldwide standard for sulphur rates in marine fuels has generated an unique opportunity for the company

Petrobras has set a new record this year in February for fuel oil exports, reaching the 238 thousand barrels per day mark and exceeding one million tons this month. The new world standard for marine fuels (IMO 2020), which has reduced the sulfur rate limit from 3,5% to 0,5%, generated an unique opportunity for Petrobras, as both oil and fuel oils produced by the company have low sulphur rates.

Oil exports remain in high levels as well, with volumes superior to 690 thousand barrels per day exported in February.

World demand

The highest export happened  in a challenging time for the world economy, considering that the coronavirus (COVID-19) outbreak restricted demand in Asia, the prime destination for Petrobras exports. That considered, new flows were adjusted, with an increase of oil and fuel oils shipping to the Caribbean, United States and Europe, among other markets.

It is important to highlight that it is not yet possible to safely estimate all the impacts the company may suffer concerning its operations and results, considering the unfolding events of the COVID-19 outbreak in world economy.