Petrobras plans export cuts

Sources told Bloomberg that Petrobras expects oil exports in December to be between 40% and 50% below the year's average. 

With the easing of restrictions against coronavirus and the arrival of summer, fuel consumption is expected to increase and a greater amount of oil should be processed at refineries in the country. 

The demand for fuel for road transport in the country now corresponds to 96.1% of pre-pandemic levels and is expected to continue growing with the start of school holidays in mid-December to the end of January. Demand for diesel has been above pre-pandemic levels in the last four months.

However, Petrobras' oil export plans could change if the country faces a second wave of coronavirus that reduces domestic fuel consumption.

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