Brazil's state-owned company Petrobras showcased strong operational performance in the third quarter of 2026 with new records in oil and gas production, exports, and refinery activity. The increase in production from offshore fields, improved equipment efficiency, and reduced maintenance downtime were among the key factors driving the company's growth.
Increase in Oil Production and Exports
Petrobras' total production of crude oil, natural gas, and gas liquids during this period averaged 3 million 512 thousand barrels of oil equivalent per day, representing an increase of 11.7% compared to the same period in 2025 and 5.3% compared to the second quarter of 2026. This marks a new record in Petrobras' operational history.
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Petrobras' crude oil production in Brazil during the third quarter reached 2 million 832 thousand barrels per day, showing a 12.4% increase compared to the same period last year. Additionally, oil and gas production from Brazil's pre-salt offshore fields reached 2.96 million barrels of oil equivalent per day.
Petrobras' Refinery and Export Performance
Petrobras' refineries operated at a 99% utilization rate in the third quarter of 2026, which is five percentage points higher than the same period last year. Daily diesel production reached a seasonal record of 769 thousand barrels. Domestic sales of Petrobras' petroleum products also increased to 1 million 854 thousand barrels per day, the highest level since the third quarter of 2021.
Petrobras' export performance also saw significant growth. The company's crude oil exports in the third quarter of 2026 averaged 987 thousand barrels per day, an increase of 21.3% compared to the same period last year. The total exports of crude oil and petroleum products from Petrobras reached a new record of 1 million 251 thousand barrels per day.
This export growth, alongside increased production, highlights Brazil's position in supplying oil and products needed in global markets, especially as supply disruptions in some producing regions have drawn market attention to alternative energy sources.
Overall, Petrobras' performance report indicates that the increase in oil and gas production, record-breaking exports, and 99% refinery utilization have positioned the company for strong operational capability. During this period, Petrobras brought 12 new production wells online and dispatched two new production vessels, P-80 and P-82, each with a nominal daily production capacity of 225 thousand barrels of oil, to the Buzios field.
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