Petrobras Output Hits Record as Iran War Jolts Oil Markets

Petrobras pumped record oil and gas volumes in the first quarter and ran its refineries near full capacity, underscoring Brazil’s growing importance to global energy markets disrupted by the Iran war.

Oil and gas production rose 16% on year to 3.23 million barrels of oil equivalent per day as it continues to develop the giant Buzios offshore field, Petroleo Brasileiro SA, as it is formally known, said in a filing on Thursday. It was operating its refining network at 95% of capacity and in March reached the highest monthly level since 2014, easing the need to import fuel.