From Yahoo Finance: 2025-04-29 19:05:00

Brazil’s Petrobras reports a slight decrease in oil, gas, and gas liquids production in the first quarter of 2025, with a 1% drop in oil production in Brazil. The firm’s results align with its yearly guidance, allowing for a 4% variation from the 2.8 million boed production target.

Total sales of oil, gas, and derivatives saw a 1.9% decrease compared to the first quarter of 2024, with total exports falling by 10.4% year-on-year. However, Petrobras noted an increase in the share of oil exports to Asia, excluding China, growing from 10% to 33%.

Petrobras recently signed a deal with India’s Bharat Petroleum Corporation to export up to 6 million barrels of oil per year, starting in 2025. The agreement aims to strengthen commercial relations between Petrobras and the Indian refining sector, highlighting the importance of India as a market for Brazilian oil.

The firm is set to release full first-quarter earnings on May 12. The start of operations of the FPSO Almirante Tamandare at Brazil’s Buzios field is seen as a strategic move for Petrobras, representing a sustainable expansion of production.

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