Petrobras' China sales top Europe + US combined
New oilfields off Rio, $15B going into refineries, and a customer mix shifting fast: a look at where Petrobras is headed.
When you think of Brazilian goods, you probably think of soy or coffee. Yet in 2025 as in 2024, Brazil actually exported more in oil than in any other product, to the tune of some $45B annually.
And nowhere is Brazil finding a bigger market for its oil than China, the country's largest trade partner since 2009.
Per the latest Petrobras annual report, Brazil's state-owned oil company saw its 2025 sales to China soar to nearly $10B in total export value. As China diversifies away from volatile Middle East petroleum, Petrobras is sending more oil to China than to any other country or even continent.
Brazil's Oil Exports to China
Brazil accounts for less than 10% of China's overall oil imports, yet all indicators point to this share growing as new oilfields come online off Rio de Janeiro and Santos.
As one of the world's largest oil exporters, Brazil stands to benefit from rising prices on account of war in the Middle East—even as the country's powerful agricultural sector feels the pinch of higher fertilizer prices.
One thing working in Brazil's favor is China's oil stockpile, the world's largest, which recently topped 1B barrels. Beijing maintains this strategic reserve to insulate its economy from disruptions like the ongoing Iran War.
Brazil is a major oil producer conveniently located far from hotspots like the Middle East. This may help explain why Brazil's oil sector received nearly 15% of Chinese investments in the country in 2025.
What The Future Holds for Brazilian Oil
While the coming decades will likely see a shift toward renewable energy sources, today everyone still needs their oil fix, so Petrobras is making hay while the sun shines.
The company wants new wells built by 2030 at its latest discovery sites and is investing over $15B in domestic refineries.
And demand is keeping up, although shifting in the face of global conflicts. China received over half of all Petrobras oil exports in Q1 2026—just as the company's exports to the US fell to zero.