China, India catapult Petrobras oil exports
Brazil's state-run oil company Petrobras says it is on track to increase oil exports by 51% this year amid soaring demand from Asia.
Speaking during an oil and gas event in Rio de Janeiro on Wednesday, the firm's crude oil manager Fernando Colares Nogueira said the principal buyers would be China and India.
"Our estimate [for exports] this year is in the order of 350,000b/d, Nogueira said, adding that the 2014 figure was 231,500b/d.
Petrobras' focus on Asia comes amid dwindling demand from North America due to higher production from US shale fields.
According to Nogueira, foreign firms have increased their participation in outbound shipments of Brazilian oil and gas.
He said Petrobras was responsible for producing about 50% of oil exported from Brazil, down from 70% in 2011.
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