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| Published：2020.10.12 News Sources：Qingdao Gute Ship Supplies Co., Ltd. Views： | |||
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Brazil is becoming one of the world's most promising tanker markets
As of now, the number of people infected with the new crown in Brazil ranks third in the world, but the country has maintained its upstream oil business this year, and domestic fuel consumption is also picking up. Fotios Katsoulas, chief analyst for liquid bulk products at IHS Markit, said, “We expect that facts will also prove that Brazil’s crude oil production will have an important impact on shipping, especially when most of the crude oil is exported to China and the transportation distance is long.” According to data from the Joint Organisations Data Initiative, Brazil’s crude oil production reached about 3 million barrels per day in the first half of this year, an increase of 400,000 barrels per day from the same period last year. Industry reports also show that production in the third quarter is still at a high level. Kpler's data shows that consistent with the strong production performance, the country's crude oil exports increased by nearly 227,000 barrels per day in the first nine months of 2020 to 1.4 million barrels per day. Brazil has increased its crude oil exports to its largest buyer, China, and is looking for other export markets. ClipperData Commodity Research Director Matt Smith said that crude oil exports continue to remain strong. In recent months, Brazil has also increased exports to India. In recent years, Brazil's state-owned oil giant Petrobras has made the largest investment in oil production facilities in sub-salt oil fields. Alphatanker pointed out in the weekly report, "The offshore industry has not been severely hit by the production interruption caused by the epidemic. This is mainly due to the suspension of some non-essential operations in offshore operations, and the deployment and rotation of personnel on the platform. Strict regulations." "As crude oil production rises, crude oil exports will also rise," said AXSMaritime's research department. "Almost every barrel of output increased, a barrel of refining raw materials will be sent overseas." "We expect that the demand for Brazilian crude oil will come from Asia, which means that long-distance transportation and trade will benefit VLCC." As Brazil’s demand for petroleum products increases and the country’s refining output declines, Brazil is expected to import large amounts of naphtha, gasoline and diesel from overseas. As part of the Brazilian government's revitalization of the refining industry, Petrobras has planned to sell its 9 refineries to private investors. Alphatanker believes that until the new investment is in place, Brazil's refining capacity will still be insufficient. "The country's refining capacity expansion is limited, but domestic demand and net imports continue to expand. Therefore, it is expected that Brazil will continue to be a demand growth location for product tankers for at least the next ten years." Brazil has always imported petroleum products from the U.S. Gulf region through MR tankers, but occasionally it also imports refined oil from further afield through LR1 tankers. Kpler's data shows that due to the gradual recovery of consumer demand in Brazil, refined oil imports this month are expected to reach 587,000 barrels per day, the highest level in a year. However, so far this year, the country's imports have been only 385,000 barrels per day, compared with the average level of 501,000 barrels per day in previous years. Fotios Katsoulas said that a full recovery will still take time. Due to the increase in infection cases, demand has not been strong in the past few months. |
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