LatAm Oil & Gas "LightHouse: PBR (3x), BRKM, Colombia, Global (3x)" Vasconcellos

Research evidence excerpt

LatAm Oil & Gas "LightHouse: PBR (3x), BRKM, Colombia, Global (3x)" Vasconcellos

FigureSource:WodMac,2: WoodMacUBS forecast for Aram production (kbpd)WoodMac

ANP discloses data on direct fuel sales from producers to end users: Eixos

reported that ANP made public the data on direct diesel sales from producers to end

customers, originally compiled to respond to requests from Sindicom. The data

shows that direct sales of diesel B only began to be formally reported in 2024, with

volumes growing rapidly: c2.4mn liters in 2024, c1.2mn liter in 2025, and c31.1mn

liter in just the first four months of 2026, indicating strong acceleration of

disintermediation trends. Transactions are currently concentrated in Minas Gerais,

reportedly driven by Petrobras as supplier and Vale as a key large-scale consumer.

In the last couple of months, we’ve seen several comments from fuel distributors

associations on the negative competitive impact of direct sales as they don’t

require the retirement of CBIOs credits, which currently represent cR$15/m3 of

fuel prices. On the other hand, Petrobras has been vocal about the importance of

expanding direct fuel sales to large costumers, especially after exiting the fuel

distribution market with the privatization of BR Distribuidora (currently Vibra) in

2021.

Figure 3: Diesel B direct sales to large consumers (m3)

Diesel B direct sale s to large c onsum

er s ( m3

)

Source: ANP, UBS

Petrochemicals

Braskem: Braskem updates status of Braskem Idesa restructuring

process

Braskem informed via notice to the market that it continues to evaluate a range of

alternatives to address Braskem Idesa’s capital structure. The company indicated

that Braskem Idesa has engaged financial and legal advisors and remains in ongoing