Petrobras reported record oil and gas production in the second quarter of 2026, with average equity output reaching 3.34 million barrels of oil equivalent per day, a 14.1% increase from a year earlier and 3.4% above the first quarter. The growth was driven by improved operating efficiency and production ramp-ups at several floating production units, including the Maria Quitéria FPSO, the Alexandre de Gusmão FPSO, the P-78 unit, and the startup of the P-79 platform at the Búzios field, where average monthly production surpassed 1 million barrels per day for the first time in June. The company also achieved a record refinery utilization rate of 101.2%, surpassing the previous high set in 2014, which helped lift refined product output to 1.918 million barrels per day and reduce imports of refined products to a record low of 67,000 barrels per day. Pre-salt crude represented 73% of refinery feedstock during the quarter, and in April all of Petrobras' refineries became capable of processing 100% pre-salt crude under its RefTOP modernization program. Higher crude production also pushed exports to nearly 1 million barrels per day while crude imports fell to 89,000 barrels per day, their lowest since the COVID-19 pandemic.
Petroleo Brasileiro Petrobras SA ADRRecord oil and gas production and refinery utilization rate indicate strong operational performance and efficiency gains.
Increased Petrobras production and exports add to global oil supply, potentially pressuring Brent prices.