Petrobras posts record exports in Q4 as it expands clients for Brazilian oil

By Fabio Teixeira and Marta Nogueira

SAO PAULO/RIO DE JANEIRO, Feb 10 (Reuters) – Brazilian state-run oil firm Petrobras on Tuesday posted record exports of 1.2 million barrels per day (bpd) of oil and derivatives in its fourth quarter, surging about 79% from the same period the prior year.

The record comes as the firm’s oil production in Brazil rose about 20% in the same period to 2.5 million bpd, it said in a securities filing, allowing the state-run company to send more oil abroad.

The firm had previously announced that its production for 2025 had surpassed its guidance for the year.

Beyond the surge in production, Petrobras said the exports grew partly due to “ongoing work” to diversify the firm’s client portfolio. The Brazilian oil major recently renewed a deal to provide Indian refiners with millions of barrels of oil.

China continues to be the main destination, receiving about 52% of all Petrobras oil exports in the fourth quarter, up 22 percentage points from a year ago. India now represents about 12%, up from 7% in the fourth quarter of 2024.

“In addition to India, the company has been increasing exports of different grades of oil to South Korea, Singapore, Thailand and, most significantly, to the European market”, the firm said.

But shipments to Europe declined to 13% of exports from 38% a year earlier, while those to the U.S. dropped to 3% from 9%.

Petrobras reported total oil, gas and gas liquids production of 3.11 million barrels of oil equivalent per day (boed) in the fourth quarter of 2025, up about 18% from a year earlier.

Petrobras also reported that total sales of oil, gas and derivatives in the quarter were around 19% higher year-on-year at 3.37 million bpd.

The firm is set to release its fourth-quarter financial results on March 5.

(Reporting by Fernando Cardoso in Sao Paulo and Fabio Teixeira and Marta Nogueira in Rio de Janeiro, Editing by Iñigo Alexander and Jamie Freed)