USAI - Crude Oil Trade: Brazilian Shipments Increase As Fundamentals Remain Positive
Brazilian oil production increased last month and is now estimated to be approaching 2.8 million b/d. Growth has reached 8% year-on-year. The Lula field, in the pre-salt Santos Basin, has been the largest producer. More than 95% of the country's total oil production now comes from offshore fields, with Petrobras (PBR) operating more than 92.5% of the overall output.
In terms of Brazilian crude oil importers, China has been dominating the market, after absorbing 56% of barrels shipped in 2019, its market share has increased significantly since last year, when it stood close to 48%.