Petrobras production reached a record 3.51 mmboe/d of oil and gas in the third quarter of 2026, the Brazilian state-controlled company said on 28 October 2026. That is 11.7% higher than a year earlier and 5.3% above the second quarter of 2026. Notably, it also beats the 3.4 mmboe/d peak that Petrobras’s business plan expected to reach only in 2028.
Crude output in Brazil rose 12.4% to a record 2.83 mmbbl/d, from 2.52 mmbbl/d a year earlier. By comparison, the company’s plan targets average oil output of 2.5 mmbbl/d in 2026, plus or minus 4%. It then expects 2.6 mmbbl/d in 2027 and a peak of 2.7 mmbbl/d in 2028.
What drove Petrobras production higher
Petrobras credited the ramp-up of the P-78 and P-79 units at the Búzios field and the Alexandre de Gusmão unit at Mero reaching full output. In addition, it cited its highest quarterly operational efficiency in eight years and lower losses from maintenance stops. Twelve new producing wells also came online, six in the Santos Basin and six in the Campos Basin.
As a result, pre-salt crude output rose 15.9% on the year to 2.45 mmbbl/d. The Alexandre de Gusmão unit hit its 0.18 mmbbl/d design capacity in August 2026, later peaking at 0.19 mmbbl/d. Meanwhile, the Almirante Tamandaré unit at Búzios averaged 0.263 mmbbl/d in July 2026, the highest rate ever from a single platform in Brazil.
“We beat our targets!” said Sylvia Anjos, Petrobras’s director of exploration and production. She pointed to strong reservoir performance and slower production decline, alongside new projects and bigger platform capacity.
Exports hit a record, with China taking 40%
Crude exports rose 21.3% on the year to 0.99 mmbbl/d, although they slipped 0.9% from the second quarter of 2026. Petrobras said about 0.14 mmbbl/d of cargoes were still in transit at the end of September 2026. It will book them in the fourth quarter of 2026. Including fuels, exports reached a record 1.25 mmbbl/d, up 20.7%.
China took 40% of Petrobras’s crude exports, up from 35% in the second quarter of 2026. By contrast, India’s share fell to 8%, while the US rose to 12%.
Record diesel output cuts import needs
At home, sales of oil products rose 2.8% on the year to 1.85 mmbbl/d, the highest since the third quarter of 2021. Diesel sales climbed 4.9% to 0.85 mmbbl/d, helped by summer crop planting and stronger industrial activity. Moreover, refineries produced a record 0.77 mmbbl/d of diesel, up 6.7%. Total product output reached 1.87 mmbbl/d, although planned maintenance cut it 2.3% from the second quarter of 2026.
Why Petrobras production matters now
Higher Brazilian supply is arriving while Middle East exports remain disrupted and Brent crude trades near $115. Therefore, extra Atlantic Basin barrels, many of them heading to China, give refiners an alternative to Gulf grades. Next, investors will look to Petrobras’s third-quarter 2026 financial results for the effect of record volumes and higher prices on cash flow and dividends.
