Asian crude demand boosts Petrobras

Surging pre-salt oil production will rely on the region for future revenues and rising exports

Robust Chinese crude demand is helping Brazilian state oil company Petrobras offset substantial currency devaluation and pandemic uncertainty. Crude cargoes shipped to the Asian giant rose to 56pc of Petrobras’ exports in Q1, bolstering the firm’s net profit to $231mn. Asian energy demand eased some of the company’s financial distress, while the oil price recovery was another big driver. Brent lifted by 38pc quarter on quarter as Petrobras’ upstream production continued to grow. Total oil and gas output increased by 3.1pc quarter on quarter, to 2.77mn bl/d—with pre-salt production rising to 1.85mn bl/d. But while global market forces are rebounding, the domestic picture has been less convinc