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Brazil’s state-run oil company Petrobras reported record-breaking oil and derivatives exports of 1.2 million barrels per day (bpd) in the fourth quarter, marking a sharp increase of nearly 79% compared with the same period a year earlier. The surge highlights Petrobras’ growing production capacity and its expanding footprint in global energy markets.
The strong export performance was driven largely by a significant rise in domestic oil production. Petrobras said crude output in Brazil climbed about 20% year-on-year to 2.5 million bpd during the quarter, giving the company greater flexibility to ship more barrels overseas. The firm had previously noted that its overall production in 2025 exceeded its official guidance, underscoring sustained operational momentum.
In addition to higher production, Petrobras attributed the export growth to ongoing efforts to diversify its customer base. The Brazilian oil major recently renewed agreements to supply millions of barrels of crude oil to Indian refiners, strengthening its presence in one of the world’s fastest-growing energy markets. As a result, India accounted for roughly 12% of Petrobras’ oil exports in the fourth quarter, up from 7% a year earlier.
China remained Petrobras’ largest export destination, receiving approximately 52% of total oil exports during the period. This represented an increase of 22 percentage points compared with the prior year, reinforcing China’s role as a key buyer of Brazilian crude. Petrobras also expanded shipments of various oil grades to South Korea, Singapore, Thailand, and parts of Europe as part of its broader international strategy.
Despite this diversification, exports to Europe fell to 13% from 38% a year earlier, while shipments to the United States declined to 3% from 9%. Overall, Petrobras reported total oil, gas, and natural gas liquids production of 3.11 million barrels of oil equivalent per day in the fourth quarter, up about 18% year-on-year. Total sales of oil, gas, and derivatives rose nearly 19% to 3.37 million bpd. Petrobras is scheduled to release its full fourth-quarter financial results on March 5.
