China Demand Shields Petrobras From U.S. Tariff Fallout

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Strong demand for crude oil from Asian countries, especially China, has insulated Brazil’s Petrobras from the worst of the tariff war fallout, chief executive Magda Chambriard told Bloomberg in an interview. “There is a lot of demand in Asia for our products,” Chambriard told the publication at an industry event in Sao Paulo, adding that China was the biggest buyer of its crude. The country accounted for 52% of Petrobras’ oil exports over the second quarter of the year, according to Bloomberg. Europe was the Brazilian state…