• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 36 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 14 hours Even Shell Agrees with Climate Change!
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days Does Toyota Know Something That We Don’t?

Breaking News:

OPEC Lifts Production in February

EIA Confirms Moderate Crude Build, Products Draw

EIA Confirms Moderate Crude Build, Products Draw

Crude oil prices went lower…

Venezuela’s Oil Output Could See Moderate Boost

Venezuela’s Oil Output Could See Moderate Boost

The unlikely return of full…

The Oil Market Is Tightening to 2016 Levels

The Oil Market Is Tightening to 2016 Levels

The IEA has revealed that…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Petrobras Oil Stockpiles Are “Paradoxically” Low

Brazil’s Petrobras is one of very few oil companies with no oil storage problem, according to its chief executive.

Roberto Castello Blanco said at an event yesterday that Petrobras’s oil stockpiles are “paradoxically” very low, Reuters reports. This level of inventories is a result of strong demand for the company’s products abroad, Castello Blanco added, noting that since he took the helm of the company, it has invested heavily in its overseas trading business division, and this investment has paid off in stronger exports.

Despite strong exports, however, last month Petrobras warned its shareholders that the coronavirus pandemic could leave a scar on the global economy, specifically on consumer behaviors, which would in turn affect the oil industry as it affects demand for the commodities it produces.

Petrobras reported a net loss of $9.7 billion for the first quarter of the year, from a profit of $1.98 billion for the last quarter of 2019. The loss resulted from an impairment charge of $13.4 billion, related to the company’s shallow water and deepwater assets.

"The assets that had their values adjusted are mostly oil fields in shallow and deep waters, whose investment decision was made in the past and based on more optimistic expectations for long-term prices," Petrobras said in May. "We are not surprised by its devaluation in a more challenging environment."

Now, Petrobras expects Brent to average $25 a barrel this year and only rise by about $5 annually until 2025, to reach $50. This is a lot more pessimistic than most analysts’ projections for this year and lower than Brent is trading at right now, too. Most price forecasts are around the $40 a barrel mark.

Meanwhile, Petrobras continues with its divestment program: the company earlier this week said it had completed the sale of seven offshore fields and had opened the non-binding phase for another offshore asset.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News