Petrobras hits record output as Iran war roils oil markets

· Energy · Brazil

Brazil's state-controlled oil producer Petrobras lifted production to a record and ran its refineries near full capacity in the third quarter, helping the country weather disruptions to global energy markets from the Iran war. Separately, the chairman of state oil company Petroperu said the board will look to sell a minority stake early next year and that the company is on track for its first annual profit since 2021, reflecting a stronger environment for producers amid high prices.

Why it matters：Record output from major producers helps offset war-driven supply disruptions, shaping global oil balances as the Iran conflict drags on.

Key points

  • Petrobras ran refineries near full capacity in the third quarter.
  • Petroperu plans to sell a minority stake early next year.
  • Petroperu expects its first annual profit since 2021.

Sources (original reporting)

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