Petrobras will have to import more liquefied natural gas (LNG) amid soaring international market prices. On Monday, 23, the company confirmed that the Bolivian state-owned company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) cut the supply of the input by 30% - or about six million cubic meters per day. The drop reduces the relief felt by Petrobras in the first quarter of the year, when it celebrated the reduction in LNG imports and the consequent drop in costs.
According to Petrobras, YPFB has not yet explained the reason for the cut. The Brazilian oil company informed that all reasonable measures are being taken so that YPFB complies with the contract it has with the company. According to sources close to the matter, the cut would have been motivated by the beginning of gas supply from Bolivia to Argentina for better prices than those charged by Petrobras.
With the war between Russia and Ukraine the price of LNG skyrocketed in the international market. If during the pandemic the million BTU (measure used in the commercialization of the input) was negotiated at US$ 5, yesterday the price hovered around US$ 27 per million BTU, after having already hit US$ 34.