The global pact between OPEC members and partners, aimed at reducing oil production to eliminate the excesses and enhance commodity prices, may not be reaching the expectations, but, at least, has offered opportunities for the national oil.
North Sea oil from Brazil has advanced in Asia to record volumes, this why, the production cuts are subverting the native streams and Brazil have filled the gap of the Asian demand for oil. According to company data Vortexa analysis, the amount of Brazil’s oil from the North Sea, which has been exported to Asian countries had increased 55% in the first four months of this year.
The largest consumer of the Asian continent is China. As the Offshore Panorama released, only in the month of April, Chinese purchases of crude oil were 5.6% annual rise, going to 34,390,000 tons, which is equivalent to 8,400,000 barrels per day. Not to mention that Petrobras predicts a 30 percent increase in oil exports this year from 2017. In the first quarter of 2017, 56% of the exports of brazilian State were for the Chinese.
Already Brazil’s total exports to Asia increased by 54% in the period from January to April this year, totaling an average of 588,000 barrels per day. As the flows coming from outside OPEC are at unprecedented levels and exports to Asia are, according to investors in the industry, it seems that Brazil may have a unique opportunity to establish as a major exporter to Asian countries. What can you offer oxygen Brazilian accounts, but above all of Petrobras.
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