Petrobras Sets 2025 Records in Output and Exports as Imports Fill Refining Gap

Overview

• Total oil and gas output averaged 2.96 million–2.99 million boe/day in 2025, up about 11%, with fourth-quarter production at 3.081 million boe/day, an 18.6% annual increase.
• Crude exports averaged 765,000 bpd for the year and hit about 1 million bpd in the fourth quarter as China remained the top buyer, reflecting higher production, lower refinery runs and reduced domestic crude sales.
• Domestic sales of refined products rose 1.6% to 1.747 million bpd even as derivatives output fell 2.9% and refinery utilization eased to 91% for the year, prompting heavier reliance on imports.
• Diesel imports jumped 91.7% to 115,000 bpd and gasoline imports rose 18.2% to 13,000 bpd, supported by quality swaps and a scheduled Revap maintenance outage in November.
• Capacity increases at the Almirante Tamandaré and Marechal Duque de Caxias FPSOs underpinned the surge, while proved reserves grew by about 1.7 billion boe, yielding a 175% reserves replacement index.