Exports lower Petrobras inventories

Petrobras has its oil inventories down after making large exports to China, according to the president of the state-owned company, Roberto Castello Branco, last Monday.

The president explained that, out of caution, the company accumulated inventories of the product due to a strike by employees of the company in February. Then came the crisis of the new coronavirus. Still, the company was able to reduce its inventories entirely with external sales. "With exports of crude oil and fuel oil, we were able to eliminate excess inventories and today we are with very low inventories," castello Branco said.

He did not cite the May figures of Petrobras, but, according to government data, released last Monday (02), there was a strong growth of Brazilian exports – from 4.8 million to 8.4 million tons, compared to the same month of 2019.


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