Petrobras considers India for crude: CEO

Market: Crude oil
11/02/25

Brazilian state-controlled Petrobras is considering opportunities in deepwater and ultra-deepwater crude blocks in India, chief executive Magda Chambriard said today.

The Indian government announced on Tuesday, during the India Energy Week conference held in New Delhi, that it will offer 25 deepwater and ultra-deepwater oil blocks, Chambriard said.

"We will carefully evaluate these opportunities, always looking for new production frontiers, which will guarantee us security and financing for the energy transition," she added.

Petrobras has been looking for alternatives to replenish its crude reserves, as those in its main source of oil — Brazil's pre-salt — are dwindling.

But reserves are not in immediate danger, as the firm's proven oil and natural gas reserves rose by 4.6pc to 11.4bn bl of oil equivalent (boe) at the end of 2024.

The company's 2025-29 strategic plan envisions investments in Argentina, Bolivia, Colombia and Africa, but this is the first time Petrobras mentioned India as a potential source of crude.

Still, the company's main bets to replenish reserves are the southern Pelotas basin and the Foz do Amazonas basin in the northern equatorial margin. The latter could contain 10bn of recoverable bl of oil equivalent, according to energy research bureau EPE. Petrobras is awaiting permission to start exploratory drilling there, after it appealed environmental agency Ibama's May 2023 decision to deny the license on environmental grounds.

By Lucas Parolin

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News

13/03/25

Dangote refinery buys first cargo of Eq Guinea crude

London, 13 March (Argus) — Nigeria's 650,000 b/d Dangote refinery has bought its first cargo of Equatorial Guinea's medium sweet Ceiba crude, according to sources with knowledge of the matter. Dangote bought the 950,000 bl cargo loading over 12-13 April from BP earlier this week, sources told Argus . Price levels of the deal were kept under wraps. Most Ceiba exports typically go to China. Around 18,000 b/d discharged there last year, while three shipments went to Spain and one to the Netherlands, according to Vortexa data. This year, two cargoes loading in February and March are signalling Zhanjiang in China, according to tracking data. Traders note that buying a Ceiba cargo is part of Dangote's efforts to diversify its crude sources. Last month the refinery bought its first cargo of Algeria's light sweet Saharan Blend crude from trading firm Glencore, which is due to be delivered over 15-20 March. Market sources said Dangote seems to have sourced competitively priced crude from Equatorial Guinea at a time when domestic grades are facing sluggish demand from Nigeria's core European market amid ample supply of cheaper Kazakh-origin light sour CPC Blend, US WTI and Mediterranean sweet crudes. Several European refineries are due to undergo maintenance in April, which is also weighing on demand. Nigeria's state-owned NNPC is currently in negotiations with the Dangote refinery about extending a local currency crude sales arrangement , which involves crude prices being set in dollars and Dangote paying the naira equivalent at a discounted exchange rate. Any changes to the terms of the programme may pressure Dangote to increase the amount of foreign crude in its slate. Refinery sources told Argus in January that Dangote will source at least 50pc of its crude needs on the import market and is building eight storage tanks to facilitate this. By Sanjana Shivdas Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more

News

Nigeria's port authority raises import tariffs

13/03/25

News

13/03/25

Nigeria's port authority raises import tariffs

London, 13 March (Argus) — The Nigerian Ports Authority (NPA) has raised tariffs by 15pc on imports "across board", taking effect on 3 March, according to a document shown to Argus . The move comes as the independently-owned 650,000 b/d Dangote refinery continues to capture domestic market share through aggressive price cuts, pushing imported gasoline below market value in the country. Sources said that Dangote cut ex-rack gasoline prices to 805 naira/litre (52¢/l) today, from between 818-833N/l. The rise in NPA tariffs may add on additional cost pressures onto trading houses shipping gasoline to Nigeria, potentially affecting price competitiveness against Dangote products further. The move would increase product and crude cargo import costs, according to market participants. But one shipping source said the impact would be marginal as current costs are "slim", while one west African crude trader noted that the tariffs would amount to a few cents per barrel and represent a minor rise in freight costs. Port dues in Nigeria are currently around 20¢/bl, the trader added. One shipping source expects oil products imports to continue to flow in, because demand is still there. Nigeria's NNPC previously said the country's gasoline demand is on average around 37,800 t/d. Over half of supplies come from imports, the country's downstream regulator NMDPRA said. According to another shipping source, Dangote supplied around 526,000t of gasoline in the country, making up over half of product supplied. The refinery also supplied 113,000t of gasoil — a third of total total volumes in the country — and half of Nigeria's jet at 28,000t. By George Maher-Bonnett and Sanjana Shivdas Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

IEA says trade tensions clouding oil demand outlook

13/03/25

News

13/03/25

IEA says trade tensions clouding oil demand outlook

London, 13 March (Argus) — The IEA today downgraded its global oil demand growth forecast for 2025, noting a deterioration in macroeconomic conditions driven by rising trade tensions. It sees a larger supply surplus as a result, which could be greater still depending on Opec+ policy. The Paris-based agency, in its latest Oil Market Report (OMR), sees oil demand rising by 1.03mn b/d to 103.91mn b/d in 2025, down from a projected rise of 1.10mn b/d in its previous OMR. The IEA said recent oil demand data have underwhelmed, and it has cut its growth estimates for the final three months of 2024 and the first three months of this year. US President Donald Trump has imposed tariffs on various goods arriving in the US from China, Mexico and Canada, as well as on all imports of steel and aluminium. Some countries have retaliated with tariffs of their own on US imports, raising the prospect of a full-blown trade war. The IEA said US tariffs on Canada and Mexico "may impact flows and prices from the two countries that accounted for roughly 70pc of US crude oil imports last year." But it is still too early to assess the full effects of these trade policies on the wider oil market given the scope and scale of tariffs remain unclear and that negotiations are continuing, the IEA said. For now, the IEA's latest estimates see US demand growth this year slightly higher than its previous forecast. It sees US consumption increasing by 90,000 b/d to 20.40mn b/d, compared with a projected rise of 70,000 b/d in the prior OMR. The downgrades to its global oil demand forecast were mainly driven by India and South Korea. The agency also noted latest US sanctions on Russia and Iran had yet to "significantly disrupt loadings, even as some buyers have scaled back loadings." The IEA's latest balances show global supply exceeding demand by 600,000 b/d in 2025, compared with 450,000 b/d in its previous forecast. It said the surplus could rise to 1mn b/d if Opec+ members continue to raise production beyond April. Eight members of the Opec+ alliance earlier this month agreed to proceed with a plan to start unwinding 2.2mn b/d of voluntary production cuts over an 18 month period starting in April. The IEA said the actual output increase in April may only be 40,000 b/d, not the 138,000 b/d implied under the Opec+ plan, as most are already exceeding their production targets. The IEA sees global oil supply growing by 1.5mn b/d this year to 104.51mn b/d, compared with projected growth of 1.56mn b/d in its previous report. The agency does not incorporate any further supply increases from Opec+ beyond the planned April rise. The IEA said global observed stocks fell by 40.5mn bl in January, of which 26.1mn bl were products. Preliminary data for February show a rebound in global stocks, lifted by an increase in oil on water, the IEA said. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Opec sticks to demand forecasts despite trade tensions

12/03/25

News

12/03/25

Opec sticks to demand forecasts despite trade tensions

London, 12 March (Argus) — Opec has kept its oil demand growth forecasts unchanged for both 2025 and 2026 on expectations that the global economy will adjust to volatile trade policies. US president Donald Trump has imposed tariffs on various goods arriving in the US from China, Mexico and Canada, as well as on all imports of steel and aluminium. Some countries have retaliated with tariffs of their own on US imports, raising the prospect of a full-blown trade war. But Opec is confident that the global economy can adapt. "Price pressures may weigh on global growth but are unlikely to disrupt overall growth momentum, which remains supported by resilient consumer demand and strong output in major emerging economies," Opec said in its latest Monthly Oil Market Report (MOMR). Opec also said that rising trade among emerging economies could partially offset tariff-related disruptions, but it warned that "downside risks need to be monitored given uncertainties in policy rollout and subsequent effects and impacts". Despite the uncertainty, Opec kept its oil demand forecast for this year and next unchanged for the second month in a row. For this year, the group sees oil demand growing by 1.45mn b/d to 105.2mn b/d, while in 2026 it sees consumption increasing by 1.43mn b/d to 106.63mn b/d. Opec's demand growth forecasts remain somewhat higher than those projected by the IEA and the US' EIA. In terms of supply, the group kept its non-Opec+ liquids growth forecast unchanged at 1mn b/d for both 2025 and 2026, with most of this growth seen coming from the US, Brazil and Canada. Opec+ crude production — including Mexico — rose by 363,000 b/d to 41.011mn b/d in February, according to an average of secondary sources that includes Argus . Opec puts the call on Opec+ crude at 42.6mn b/d in 2025 and 42.9mn b/d in 2026, unchanged from last month. Eight members of the wider Opec+ alliance earlier this month agreed to start increasing crude output from April, citing "healthy market fundamentals and the positive market outlook". By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

US, Canada to meet Thursday on USMCA

11/03/25

News

11/03/25

US, Canada to meet Thursday on USMCA

Houston, 11 March (Argus) — US and Canadian officials will meet later this week to begin discussing an update to the US-Mexico-Canada (USMCA) free trade agreement. In posts on social media Tuesday afternoon, US secretary of Commerce Howard Lutnick and Ontario premier Doug Ford said they would meet on 13 March "... to discuss a renewed USMCA ahead of the April 2 reciprocal tariff deadline." In response, Ontario has agreed to suspend its 25pc surcharge on exports of electricity to Michigan, New York and Minnesota. Ford and Lutnick talked by phone on Tuesday following US president Donald Trump's threats to double tariffs on Canadian steel and aluminum . Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more