Petrobras is in a favourable position to withstand the US trade war thanks to robust sales to other countries including India, Chief Executive Officer Magda Chambriard said.
“There is a lot of demand in Asia for our products,” Chambriard said at a Bloomberg New Voices forum in Sao Paulo.
China is the biggest market for Petroleo Brasileiro SA, as the company is officially known, and Chambriard said that even though oil is excluded from tariffs, the small amount of exports to the US mean it isn’t very exposed to Washington’s trade policies. India is also seen as a key market, and is open to buying “everything Petrobras can export,” the CEO said.
Although it’s too early to quantify the impact of US tariff policy, the executive said that changes in global logistics flows have had consequences for supply chains, causing deliveries for ultra-deepwater projects to take longer. Petrobras has been expanding output at deep-water fields and will continue to do so in 2026.
In response to US President Donald Trump’s trade war, Brazil has moved to shore up commercial and diplomatic ties with developing countries including China and India. Brazil President Luiz Inacio Lula da Silva is convening a virtual meeting of BRICS leaders next Monday to discuss the US trade policy.
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Global benchmark crude Brent lost more than 6% last month in its first monthly decline since April, as concerns mount over a looming glut later this year. The Petrobras CEO said she doesn’t see prices falling to US$50 ($64.46) a barrel even amid geopolitical uncertainty and that the company will have to adjust its investment plans to current price levels at around US$65 a barrel.
