Brazil's Petrobras on track to exceed 2026 oil production forecast

Brazil’s state-controlled oil company Petrobras is likely to produce more oil than previously forecast in 2026, Chief Executive Magda Chambriard said on August 7.

Chambriard said the company’s oil production in the second quarter was 200,000 barrels per day above its target. Petrobras has produced an average of 2.6 million barrels per day so far this year, exceeding its forecast of 2.5 million barrels per day, according to a company presentation, Caliber.Az reports via foreign media.

Speaking to journalists after the earnings call, Chambriard said production of 2.7 million barrels per day would represent a strong result, although she provided no further details.

Petrobras later said it was maintaining its official forecast of more than 2.5 million barrels per day for the year. The company added that it would continue efforts to maximise production and exceed its targets.

"At the same time, as noted by CEO Magda Chambriard at investor and press events today, the company consistently aims to ⁠maximise production and surpass targets," Petrobras said in a statement.

Since Chambriard took over, Petrobras has focused on increasing output through operational improvements, including slowing production declines at older oil fields.

According to the CEO, higher production has helped the company increase exports and raise profits to near-record levels as oil prices remained high.

Despite the production outlook, Petrobras shares closed down 3% on August 7 after rising earlier in the session. Brazil’s benchmark Bovespa stock index fell 1.7%.

By Sabina Mammadli