What record did Petrobras achieve in the first quarter, and what was the key driver behind the increase?

Petrobras achieved a record oil and gas production of 3.23 million barrels of oil equivalent per day in the first quarter, representing a 16% year-on-year increase; this growth was driven primarily by continued development of the giant Buzios offshore field.

How did Petrobras respond to global energy market volatility caused by the Iran war, particularly regarding refining operations?

In response to global market volatility triggered by the Iran war, Petrobras operated its refining network at 95% of capacity — the highest monthly level since 2014 — and significantly increased refinery utilization to maximize diesel production, helping ease fuel import needs and support supply stability in Brazil.

Petrobras Output Hits Record as Iran War Jolts Oil Markets

Apr 30, 2026

Petrobras achieved record oil and gas production of 3.23 million barrels daily in Q1, running refineries at 95% capacity. This increase supports Latin American fuel stability amidst global market volatility caused by the Iran war.

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