Brazilian national oil company Petróleo Brasileiro (Petrobras) saw falling natural gas demand and the need for fewer liquefied natural gas (LNG) cargoes in the first quarter as rainfall replenished the nation’s reservoirs.


Natural gas demand dropped to 67 million cubic meters/day (MMm3/d) in the first quarter, compared to 81 MMm3/d in the same period last year and 88 MMm3/d in the fourth quarter of last year.

LNG imports in the first quarter were 10 MMm3/d, compared to 19 MMm3/d in the year-ago quarter and 24 MMm3/d in 4Q2021. Last year, Brazil was one of the biggest growth markets for global LNG as drought strained the hydro-dependent Latin American nation.

Petrobras’s own supply of natural gas to the market also fell in the quarter, to 37 MMm3/d, compared to 43 MMm3/d...