Brazil's state-controlled Petrobras sees sustained growth in Chinese appetite for its low-sulfur pre-salt crude, but it is also shifting some production back to domestic refining to meet recovering fuel demand at home and abroad. "Chinese appetite for our pre-salt crude is strong," Petrobras downstream director Anelise Lara said on an earnings call today. "They import a huge amount of crude oil and we see that demand will continue to grow. If we have more oil to sell, they will buy it. Our question is, what is the most valuable trade-off: produce oil products to sell in Brazil or abroad or export crude?" Fuel ... (full story)