Commodities
Brazil's Petrobras Cuts Imports, Maximizes Refinery Output Amid Global Supply Crunch
Brazil's state-run oil company, Petrobras (PBR), cut its imports of oil products to just 67,000 barrels per day during Q2, its lowest volume on record, due to the ongoing conflict between the US and Iran in the Middle East.In its Production and Sales report for the quarter, released on Tuesday, the state-owned company noted that its imports of diesel, petroleum and LNG had declined by 85.2%, 33.6% and 42%, respectively, as it pushed its own refineries to their limit.The utilization factor across its refineries hit an all-time high of 101.2% during the quarter, surpassing the previous record of 101.1% during Q3 of 2014. In fact, in April and May, the utilization factor touched an unprecedented 102.5%.Due to recent geopolitical developments, with flows through the Middle East becoming highly constrained, "high utilization of refining capacity has been instrumental in increasing domestic oil products supply."At the same time, the company's exports of petroleum products rose by 40.8% year-over-year, to 156,000 barrels per day.Of this, around 35% was sent to China, down from over 51% last year, as the Asian giant also sought to reduce imports amid prevailing higher prices.
$PBR
