Petrobras posts slight drop in first-quarter oil and fuel output

RIO DE JANEIRO/SAO PAULO (Reuters) -Brazilian state-run oil agency Petrobras reported on Tuesday oil, fuel and fuel liquids manufacturing of two.77 million barrels of oil equal per day (boed) within the first quarter, down 0.2% from a 12 months earlier.

Petrobras’ oil manufacturing in Brazil fell by 1% year-on-year, to 2.21 million barrels per day (bpd), stated the agency, including that the Almirante Tamandare floating manufacturing vessel (FPSO) began producing in February on the nation’s Buzios subject.

“The beginning of operations of the FPSO Almirante Tamandare is strategic for Petrobras and represents a sustainable enlargement of manufacturing,” stated Renata Baruzzi, head of engineering, expertise and innovation in Petrobras’ gross sales and output report.

The agency’s outcomes had been in step with its steerage for the 12 months, that permits for a 4% variation on its 2.8 million boed manufacturing goal.

Whole gross sales of oil, fuel and derivatives reached 2.86 million boed, stated the agency, a 1.9% drop compared with the primary quarter of 2024.

Whole exports fell by 10.4% on a year-on-year foundation, to about 760,000 bpd, stated the agency.

Whereas exports usually declined, the agency noticed the share that it sends to Asia, excluding China, develop from 10% to 33% of oil exports. Within the first quarter the agency inked a cope with India’s Bharat Petroleum Company to export as much as 6 million barrels of oil per 12 months, beginning in 2025.

“The settlement strengthens industrial relations between Petrobras and the Indian refining sector, highlighting the significance of India as a marketplace for Brazilian oil,” stated Petrobras within the submitting.

Petrobras is about to launch full first-quarter earnings on Could 12.

(Reporting by Fabio Teixeira in Rio de Janeiro and Andre Romani in Sao Paulo; Modifying by Kylie Madry, Natalia Siniawski and Sonali Paul)