Petrobras expands crude oil sales to Asia-Pacific buyers

Petrobras is seeing increased demand for its crude oil from countries that previously did not buy from the company, according to CEO Magda Chambriard. Speaking at the Rio Oil & Gas conference on September 24, she highlighted Japan as a key example. While Petrobras had tried unsuccessfully to sell crude to Japan for years, the Brazilian government received an inquiry from the country earlier this year, and Petrobras is now shipping crude cargoes to Japanese buyers.

Chambriard also named South Korea, China, and India as Asia-Pacific nations turning to Petrobras to diversify their crude supplies amid global energy security concerns. The executive noted that rising production at Petrobras coincides with higher international appetite for Brazilian crude.

Domestically, Petrobras is reviewing its supply strategy. Historically, the state-run company targeted about 70% of the Brazilian refined products market, leaving 30% to importers. It is now targeting an 85% share of the domestic diesel market and is evaluating whether to move to 100% in response to export limits by Russia and China and potential US export curbs. This proposal will be discussed in its strategic plan for 2027 to 2031.

Petrobras also plans to expand in biofuels such as ethanol and biodiesel, as well as coprocessed fuels using vegetable oil and animal fat. While the company evaluates solar, wind, and hydrogen projects, Chambriard stated that some clean energy initiatives do not yet offer sufficient returns for investors, though Petrobras remains committed to Paris Agreement goals.