Petróleo Brasileiro S.A. (Petrobras) has reported that it exported 1.11 million tons of fuel oil in May – surpassing the previous record set in February this year by 10%.
The Braziian state oil company added that last month’s total was also 231% higher than the volume exported in May last year.
As previously reported by Bunkerspot, Petrobras believes that the new IMO 2020 global sulphur cap has presented the company with a ‘unique opportunity’ because it ‘produces oil and fuel oil with low sulphur content’.
Petrobras added: ‘The record in exports occurs in a challenging period of the world economy with reduced global demand for oil and oil products caused by the COVID-19 pandemic. The strategy of diversifying the destinations of fuel oil exports has proved effective in capturing greater participation in the foreign market.
‘The record achieved reflects the result of actions taken during the crisis to return production to the Exploration and Production area and to readjust refining loads by focusing on products that maximise the company's margin without putting pressure on inventories.’