While state-controlled Petrobras strives to increase its oil production and export, Brazil is looking for new features to diversify its export market.
While crude oil exports to China will continue to grow, reaching 1 million barrels consistent with day (b/d) in April this year, Brazil needs to locate other characteristics for its developing offering, with a focus on Asia. Petrobras aims to produce more b/d to meet this developing demand. The resolution will also be consistent with Petrobras’ commitment to minimize its dependence on China.
“We expect this to have a positive progression in the near future, in about 3 years to have a consolidated position in the (Indian) market,” Petrobras GENERAL Manager Roberto Castello Branco told Reuters this week.
India is an exciting market for any emerging supplier, which is expected to be the main source of expansion in energy demand until 2050, with an expected demand of 6 million b/d until 2025. 19 begins to decline as farmers ask for fuel for the harvest, as well as annual accumulation in the festival season, the recovery of the industry.
Related: This has only the largest fuel center in the world.
India, the world’s third-largest oil importer, lately imports about 84 percent of its oil, depending on oil-rich regions to meet its needs. Approximately two-thirds of India’s oil comes from the Middle East, mainly from Iraq and Saudi Arabia.
Pradhan tweeted about the previous assembly this year: “India is diversifying its crude oil and our oil corporations have expressed interest in obtaining more crude oil from Brazil, if it has favorable trading conditions. We also call for an intervention for the early monetization of our investments in the Brazilian energy sector.
The partnership between the two states seems encouraging, as Prime Minister Narendra Modi approved the signing of a Memorandum of Understanding (MoU) with Brazil to cooperate in the oil and herbal fuel sector in the EU cabinet in early 2020. and production cooperation on both sides, as well as improved studies and progression collaboration in the near future.
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