Petrobras Sees Higher Oil Production Than Forecast for 2026
Petrobras, Brazil's state-controlled oil company, is expected to exceed its oil production target for 2026. CEO Magda Chambriard announced this during an earnings call with analysts on Friday, citing improved operational efficiency and production increases at older fields.
The company's output in the second quarter was 200,000 barrels per day higher than its target, while it has produced an average of 2.6 million barrels per day so far this year, surpassing its forecast of 2.5 million barrels per day.
Chambriard stated that producing 2.7 million barrels per day would be a strong result, but the company is maintaining its official forecast of more than 2.5 million barrels per day for the year.
Petrobras' focus on maximizing production has led to increased exports and profits near record levels due to high oil prices.