Brazil's Petrobras sees fuel demand above production capacity in November - Reuters

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The logo of Brazil's state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes

RIO DE JANEIRO, Oct 19 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) said late on Monday it has received "atypical demand" for fuel supplies in November that surpasses its production capacity.

Petroleo Brasileiro SA, as the company is formally known, said in a securities filing that it has been operating its refineries with a capacity factor of 90% in October, up from 79% during the first half of 2021.

It added that diesel demand from fuel distributors is up 20% from November 2019, a period prior to the COVID-19 pandemic, while gasoline demand rose 10% in the same comparison.

Petrobras said that it is still fulfilling its contracts with fuel distributors, in line with the terms and deadlines agreed, while also seeking to maximize its production and deliveries.

Reporting by Marta Nogueira; Writing by Gabriel Araujo, Editing by Nick Zieminski

Our Standards: The Thomson Reuters Trust Principles.

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