BRAZIL’S OIL OUTPUT RISES 1% IN FEBRUARY TO 3.5 MILLION BARRELS A DAY

Brazil’s oil production reached 3.488 million barrels per day (bpd) in February, up 1.2% from February 2024, despite Petrobras’ output dropping 2.7% to 2.14 million bpd. Growth in pre-salt production, where Petrobras has partners, offset declines in mature Campos Basin fields. Smaller companies are increasing output after acquiring Petrobras’ divested fields. Shell, Brazil’s second-largest producer, saw a 0.7% increase, reaching 358.64 thousand bpd. Natural gas production totaled 158.76 million cubic meters per day, a 1.2% decrease from January but a 6.8% rise year-over-year. Of this, 48.54 million m³/d were supplied to the market, while most was reinjected or consumed on platforms.
Source: Nova Cana