Brazil’s state-run oil company Petrobras said on Thursday it saw 1.17 billion reais, or about €174 million, in net profits in the first quarter of 2021, compared to a loss of about €6.9 billion during the same period last year.
That means the largest company in Brazil has now marked two consecutive profitable quarters. Its net earnings from the fourth quarter of 2020 were much higher however, at about 59.9 billion reais, a major turnaround after three quarters of losses imposed by the coronavirus pandemic.
According to a statement from the Rio de Janeiro-based firm, the first quarter results were influenced by, among other things, the price increase of Brent crude oil and rising sales of diesel fuel. The average price of a barrel of Brent crude oil went from $44.23 in the last quarter of 2020 to $60.90 in the first quarter of this year.
EnergyBrazil s Petrobras to keep flexible fuel price policy
Sabrina ValleGram Slattery
2 minute read
A logo of Brazil s state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo
Petroleo Brasileiro SA (PETR4.SA) will leave its fuel pricing policy unchanged, the company s new trading chief said on Friday, which in practice gives the company significant flexibility to avoid international market volatility when it sets prices.
In 2020, Petrobras, as the Rio de Janeiro-based firm is known, extended from three months to one year the period for which it calculates the international price parity of the fuels it sells.
Brazil’s Petrobras to offer natural gas contracts tied to U.S. benchmark
Brazilian state-controlled oil producer Petroleo Brasileiro SA said on Monday it will add the U.S. natural gas pricing benchmark as an option to future sales contracts with distributors.
The move comes as Latin America’s largest oil and gas producer tries to stimulate local demand for its rising natural gas production and as the government strives to reduce domestic natural gas prices.
Petrobras, as the Rio de Janeiro company is known, will start offering contracts backed by the U.S. Henry Hub reference price, in addition to contracts indexed to the international Brent oil benchmark, the company said in a statement.
ReutersSabrina Valle
3 minute read
The logo of Brazil s state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo
Brazilian state-controlled oil producer Petroleo Brasileiro SA (PETR4.SA) said on Monday it will add the U.S. natural gas pricing benchmark as an option to future sales contracts with distributors.
The move comes as Latin America s largest oil and gas producer tries to stimulate local demand for its rising natural gas production and as the government strives to reduce domestic natural gas prices.
Petrobras, as the Rio de Janeiro company is known, will start offering contracts backed by the U.S. Henry Hub reference price, in addition to contracts indexed to the international Brent oil benchmark, the company said in a statement.
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Wholesale diesel prices will fall to $0.5019 per liter from $0.5129/l, Petrobras said. Gasoline prices, meanwhile, will decrease to $0.4796/l from $0.4889/l previously. Petrobras had previously increased domestic diesel and gasoline prices on April 16 to offset rising international oil and refined product prices. The diesel and gasoline prices practiced by Petrobras seek balance with the international market and accompany the variations, both up and down, in refined product prices and foreign-exchange rates, Petrobras said. While international oil prices have remained solidly above $60/b in recent weeks, the Brazilian real currency gained about 4.5% against the US dollar to give Petrobras some space to make a move.