Brazil's VLSFO output is increasing. Image Credit: File Image / Pixabay
Brazilian oil producer Petrobras increased its fuel oil production by 54% on a yearly basis in the fourth quarter, the company said Thursday.
Fuel oil output jumped to 249,000 b/d in the fourth quarter from 162,000 b/d in the same period a year earlier, Petrobras said in an earnings presentation.
The company noted an "increase in bunker 0.5% production whose appreciation allowed fuel oil exports to grow under more advantageous conditions."
Singapore is the main destination for the company's fuel oil exports, according to the presentation.
In September price reporting agency S&P Global Platts reported Petrobras planned to increase its activity in the Singapore bunker market, targeting sales of 100,000-150,000/month.