Petrobras: Output falls 8.2% in 3Q

Petrobras' oil production dropped 8.2% year-over-year in the third quarter to 2.13 million barrels per day (bpd), reported the state-controlled company in Brazil.

Petrobras also recorded a 6.5% decrease in total production during the period, reaching 2.69 million barrels of oil equivalent per day (boepd).

Production from the pre-salt fields, an oil-rich region located off the southeastern Atlantic coast, fell by 2.7%, adding to the decline in Petrobras' output from other fields.

According to the oil giant, total sales during the period decreased by 3.2% year-over-year to 2.97 million bpd, while exports dropped 2.3% to 804,000 bpd.

Meanwhile, 41% of the company’s oil exports went to China, slightly above the 40% from a year earlier, but below the 50% seen in the second quarter of 2024.

Europe accounted for 32% of Petrobras' exports in the third quarter, remaining stable compared to the previous year. Latin America’s share dropped from 13% to 7% during the period.