Petrobras' oil output rises 7.6 per cent in Q2 boosted by production vessels ramp-up

Brazilian state-run oil firm Petrobras produced 2.32 million barrels of oil per day in Brazil during the second quarter, it reported on Tuesday, marking a 7.6 per cent 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 per cent from a year earlier, and sales of oil, gas and derivatives reached 2.98 million boed, a 1.6 per cent increase.

Petrobras' exports of oil and derivatives rose 2.7 per cent 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 per cent of the total, four percentage points above the same period last year.

The United States received around eight per cent of oil exports, up from five per cent 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 US, sending more to Asia and Pacific markets if higher tariffs the US announced for the South American country come into effect.

(Reporting by Fabio Teixeira and Marta Nogueira in Rio de Janeiro; additional reporting by Andre Romani in Sao Paulo; Editing by Kylie Madry and Chris Reese)