Petrobras planning to increase oil exports

Petrobras (PBR -3.2%) forecasts a rapid increase in oil exports and divestments in the five-year period to 2025 as it doubles its core export promotion and deleveraging strategies. In a virtual presentation during the annual Investors Day, Petrobras said domestic oil sales are likely to fall from nearly 1.35m bbl / day in the five years to 2019 to ~ 1.25m bbl / day in 2021-25, while crude oil exports will increase from 445K bbl / day to 891K bbl / day in the five years to 2019. China has become Petrobras' main export market, but CEO Roberto Castello Branco said the company is working to open up additional markets such as India. In the same presentation, Petrobras says it will seek to sell $ 25- $ 35B in assets in 2021-25, versus the $ 20- $ 30B in sales the company had planned for 2020-24. Today's presentation followed on from Petrobras' five-year business plan released last week, which disappointed investors as the production outlook for 2021 was lower than expected.