Petrobras will import diesel in July after three months without it, CEO Magda Chambriard says, exposing a refining gap Brazil cannot close at record output.
Energy
Key Facts
—The statement. Petrobras CEO Magda Chambriard said on June 25 the company will import diesel in July, after April, May and June with no foreign purchases.
—The gap. Brazil imports roughly a quarter to a third of the diesel it consumes, leaning on the world market every harvest season.
—The paradox. Brazil pumps more than 3.6 million barrels of crude a day but can refine only about 1.8 million, so it exports oil and imports fuel.
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