April 11, 2016 / 8:32 PM / 2 years ago

UPDATE 1-Petrobras exports biggest diesel cargo to Argentina since 2014

(Adds details on local diesel market)

By Rodrigo Viga Gaier

RIO DE JANEIRO, April 11 (Reuters) - Brazil’s state-run oil company Petroleo Brasileiro SA exported 50 million liters of diesel to Argentina, its first large export of the fuel in 2016 and a sign of weak domestic demand, a source in the company said on Monday.

The shipment of diesel was the largest from Brazil since March 2014, when the country shipped 59.9 million liters, data from market regulator ANP showed. Brazil is normally a net importer of the fuel due to a shortfall in domestic refining capacity.

The source, who preferred to remain anonymous, said the company was monitoring international demand to help manage the company’s surplus in the fuel that has arisen due to slack local demand as a result of the worst recession in decades.

“We are always looking to open new windows and opportunities,” the source said. “Given the conditions of price, freight and logistics, the South Atlantic, the lower part of that region, is an opportunity.” (Reporting by Rodrigo Viga Gaier; Writing by Reese Ewing; Editing by Leslie Adler and Jonathan Oatis)

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