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.
