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01 November 2011
Experts estimate that Brasil will increase crude, biofuels and non-gas liquids from the new pre-salt region...to 3mn bpd in 2016 from 2.2mn bpd in 2011....much of it headed for Asian refineries....as the USA grows its shale oil production.
"We are going to look to the Asian markets for sure, we cannot ignore China, which is one of our biggest partners," said Petrobras' Pereira. "If we had more oil available today, the Chinese would certainly be buying it."
"If Brasilian crude prices plus freight rates are cheaper than those from West Africa and the quality of the crudes are of little difference, why not buy Brasilian oil?" asks a Chinese trader.