BRAZIL · OIL
Key Facts
- What is happening Petrobras, Brazil’s state-controlled oil company, pumped a record 3.512 million barrels of oil equivalent a day in the third quarter, with Brazilian oil up 12.4% in a year, figures released on Wednesday, 28 October.
- Why it matters The record combines oil, gas and natural gas liquids, not oil alone. Petrobras shares trade in New York, and the United States took 12% of its oil exports, up from 2%.
- The numbers Total output rose 11.7% in a year and 5.3% in a quarter. Brazilian oil and liquids averaged 2.832 million barrels a day, and exports of oil and fuels hit a record 1.251 million.
- Who is who Petrobras produces most of Brazil’s oil and gas, and the federal government is its controlling shareholder. Sylvia Anjos, its exploration and production director, credits platform efficiency and new platforms.
- What to watch Two giant platforms, P-80 and P-82, are sailing from Singapore to the Búzios field and are due to start work in 2027, adding up to 225,000 barrels a day each.
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 75.0 points (October 2026 edition).
- What it means for you US holders of Petrobras shares get a stronger production base, and more Brazilian crude is heading to the US, with its share of exports at 12%. The operating data are unaudited.
Petrobras reports record oil and gas output of 3.512 million barrels of oil equivalent a day. Brazilian oil alone rose 12.4% in a year.
Petrobras, Brazil’s state-controlled oil company, produced a record 3.512 million barrels of oil equivalent a day in the third quarter of 2026. That is 11.7% more than a year earlier, the company said on Wednesday, 28 October.
Oil and natural gas liquids alone averaged 2.832 million barrels a day in Brazil, up 12.4% on the third quarter of 2025. US investors trade Petrobras shares in New York, and the US took 12% of its oil exports, up from 2%.
In Plain English
- Barrel of oil equivalent (boe): one unit that adds gas and oil together, using the heat energy of a barrel of crude.
- Natural gas liquids (NGL): light liquids such as propane that come out of the ground with gas.
- Pre-salt: oil fields under a thick salt layer deep below the Atlantic, off Rio de Janeiro and São Paulo.
- FPSO: a floating production ship that pumps, stores and offloads oil at sea.
- ADR: a certificate that lets US investors hold shares of a foreign company, traded in New York.
What Petrobras Reported for the Third Quarter
Petrobras’s total own production of oil, gas and liquids averaged 3.512 million boe a day from July to September. The previous record was 3.336 million in the second quarter, so the company beat it by 5.3%.
Of that total, 3.483 million boe a day came from Brazil and 28,000 from abroad. Brazilian oil and liquids were 2.832 million barrels a day, up from 2.520 million a year earlier.
Gas added 651,000 boe a day, up 9.6% in the year. Output from the pre-salt rose 15.9% to 2.454 million barrels a day of oil and liquids.
The company also counts barrels from partners in fields it operates, which gave a record 5.082 million boe a day. The company’s own pre-salt output was a record 2.96 million boe a day.
Why Brazilian Oil Output Rose
Petrobras names three causes: its best production efficiency in eight years, two new platforms at Búzios, and fewer maintenance stoppages. Twelve new wells started in the quarter, six in the Campos Basin and six in the Santos Basin.
The two Búzios platforms, P-78 and P-79, were still ramping up. Búzios, a pre-salt field in the Santos Basin off Rio de Janeiro state, is Brazil’s largest by reserves and output.
In the Mero field, the production ship Alexandre de Gusmão reached its design capacity of 180,000 barrels a day on 25 August. On 3 September it hit a new peak of 190,000.
Sylvia Anjos, the company’s exploration and production director, said Petrobras is producing more and making better use of its assets. She added that this strengthens Brazil’s energy security.
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Where the Oil Went: China, the US and India
Petrobras’s crude exports averaged 987,000 barrels a day, up 21.3% in a year and 0.9% lower than in the second quarter. Petrobras says cargoes of about 140,000 barrels a day were still unfinished at quarter-end and will count in the fourth quarter.
China took 40% of the oil, up from 35% in the second quarter. The United States took 12%, up from 2%, while India fell to 8% from 22%.
Petrobras gives only shares, but 12% of 987,000 barrels is roughly 118,000 barrels a day, by Rio Times arithmetic. Exports of crude and fuels together reached a record 1.251 million barrels a day.
At home, domestic fuel sales were 1.854 million barrels a day, the most since the third quarter of 2021. Refineries ran at 99% of capacity, and diesel output set a quarterly record of 769,000 barrels a day.
What It Means for US Readers
Petrobras shares trade in the United States as American depositary receipts on the New York Stock Exchange. A record production quarter supports its cash flow, but the report does not give profit, dividends or oil prices.
More Brazilian crude also reaches US refiners, since the US share of exports rose sixfold in one quarter. More Brazilian crude adds to world supply, though one company’s quarter does not set global prices.
Earlier reports on September output, Brazil’s 6 million barrel milestone and the Petrobras share price give background. The guide to Brazil’s natural resources and the Brazil hub cover more.
What Is Not Known
Petrobras says its operating data are not audited by its independent auditor. The full financial results, with profit and dividends, were not part of this production report.
Petrobras does not say how long 3.5 million boe a day can be held, or whether another record follows. It also gives export shares, not volumes, for each country.
What Comes Next
The next test is the fourth quarter, when delayed cargoes of about 140,000 barrels a day should reach buyers. The P-80 and P-82 platforms are due to start at Búzios in 2027, which does not mean they will meet that date.
Frequently Asked Questions
Did Petrobras really produce 3.5 million barrels of oil a day?
No, the 3.512 million figure is barrels of oil equivalent, which adds gas and liquids to oil. Oil and liquids alone averaged 2.832 million barrels a day in Brazil.
How much did Petrobras oil output grow?
Brazilian oil and liquids rose 12.4% from the third quarter of 2025 and 5.3% from the second quarter of 2026. Total output including gas rose 11.7% in a year.
Which fields drove the record?
The Brazilian pre-salt did, mainly the Búzios field with platforms P-78 and P-79, and the Mero field. Both lie in the Santos Basin, in the Atlantic off south-eastern Brazil.
How much oil does Petrobras sell to the United States?
The US took 12% of Petrobras’s oil exports in the third quarter, against 2% in the second. That is roughly 118,000 barrels a day, by Rio Times arithmetic from the report’s shares.
Who owns Petrobras?
Brazil’s federal government controls Petrobras. Its shares also trade in the United States as American depositary receipts.
Sources: Petrobras press release on third-quarter 2026 production, 28 October; Petrobras, Production and Sales Report, 3Q26 (PDF) (all accessed 29 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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