Petrobras, the Brazilian state-run oil company, increased oil production by 7.6% in Q2 to 2.32mbbl/d. This rise is due to new production vessels, with four vessels boosting output. Total production rose to 2.91mboe/d, with sales increasing to 2.98mboe/d. Exports to China increased, while the US saw a rise to 8%.

Petrobras CEO Magda Chambriard is considering shifting export focus from the US to Asia and Pacific regions due to higher US tariffs on South American countries. The company is also exploring the sale of Polo Bahia onshore oil and gas operations due to high production costs compared to deep-water fields. Various options are being evaluated for the Polo Bahia hub.

Read more at Yahoo Finance: Petrobras reports 7.6% increase in oil production in Q2