Petrobras Surges Past Brazil's Refining Capacity Amid Global Supply Constraints

Petrobras has reported a significant increase in oil production, exceeding Brazil's refining capacity. The company's total output reached a record 3.336 million barrels of oil equivalent per day (boe/d) in the second quarter, up 14.1% from the same period last year.

The increased production was driven by improved operational efficiency and the addition of ten new producing wells between April and June. Petrobras' own pre-salt production also reached a quarterly record of 2.78 million boe/d, a 16.3% increase year over year.

The company has been seeking new export destinations due to supply constraints caused by the war between the United States and Iran. As a result, Petrobras' crude oil exports rose 44.3% from the second quarter of 2025 to 996,000 barrels per day.