Brazilian state-run oil firm Petrobras PETR3 produced 2.32 million barrels of oil per day in Brazil during the second quarter, it reported on Tuesday, marking a 7.6% rise over the same period last year, as new production vessels increased output.

In the second quarter, four floating production vessels increased output, one reached peak production and another started operations ahead of schedule, boosting output for the period, the firm said.

Petrobras’ total oil, gas and gas liquids production reached 2.91 million barrels of oil equivalent per day (boed) in the second quarter, up 7.8% from a year earlier, and sales of oil, gas and derivatives reached 2.98 million boed, a 1.6% increase.

Petrobras’ exports of oil and derivatives rose 2.7% to some 874,000 barrels per day, the firm said. During the period, China was the main destination for the company’s oil, receiving 54% of the total, four percentage points above the same period last year.

The United States received around 8% of oil exports, up from 5% in the second quarter of 2024.

Earlier this month Petrobras Chief Executive Magda Chambriard told Reuters that the firm may redirect the oil it sells to the U.S., sending more to Asia and Pacific markets if higher tariffs the U.S. announced for the South American country come into effect.
Source: Reuters