Gibson Tanker Market Report

Since 2019 Brazil has become the top crude exporter in Latin America, with crude shipments (for all producers) reaching a record 1.4 million b/d last year. Further growth is likely, with Petrobras announcing its plans to double the company’s crude exports between 2021-2025 to 891,000 b/d from an average of 445,000 b/d. Under Petrobras’ new plan, domestic crude sales will drop from 1.348 million b/d during this period to 1.252 million b/d. The company is also in the process of selling around half of its 2.2 million b/d domestic refinery capacity and assumes that the new refinery owners will purchase oil from alternative sources. This will allow the current allocated crude to those refineries to be diverted for export trades.

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