Petrobras Sees Lifeline in Exports to China

摘要

Brazil’s Petrobras pointed to the pandemic-induced global recession Friday in reporting a sharp loss for the second quarter, but noted that oil and product demand in China remained strong and refinery utilizations were rising. “April 2020 will always be remembered given the unprecedented strength of demand contraction, price collapse, and a spike in maritime freight prices,” CEO Roberto Castello Branco said on the firm’s quarterly conference call. “Cash is always king, but now it became God over the last few months.”