Brazil has increased crude exports to Asia in the first half of the year as many oil-producing nations cut production to match record low demand, according to Reuters.
This sudden rise in exports to Asia can be explained by the opening of new offshore platforms and Petrobras offering Asian refiners competitive deals on relatively high-quality oil just as Asian countries reopened their economies.
On average, Asia imported from Brazil an average of 1.07 million barrels of oil per day (mmbbl/d) in the first half of the year, however, average imports have risen to a record 1.62 mmbbl/d in Asian ports in June, almost triple the volume in June 2019.
China is responsible for the purchase of 70% of the country’s exports, Petrobras said in a statement to Reuters. Petrobras Chief Executive Roberto Castello Branco, said that if Brazil had more oil, China would buy it.
As well as boosting exports, Brazil has boosted total output to a record 2.97 mmbbl/d so far this year, up from 2.6 mmbbl/d in 2019.