Brazilian national oil company Petróleo Brasileiro SA (Petrobras) saw falling natural gas demand and the need for fewer LNG cargoes for the second consecutive quarter as rainfall continued to replenish the nation’s reservoirs.


Natural gas demand dropped to 56 million cubic meters/day (MMm3/d) in the second quarter, compared to 83 MMm3/d in the same period last year and 67 MMm3/d in the first quarter.

Liquefied natural gas imports in the second quarter were 7 MMm3/d, compared to 18 MMm3/d in the year-ago quarter and 10 MMm3/d in 1Q2022. Last year, Brazil was one of the biggest growth markets for global LNG as drought strained the hydro-dependent Latin American nation.

In a recent earnings call, Chief Refining & Natural Gas Officer Rodrigo Costa said water levels are 6-8%...