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LatinNews Daily - 29 October 2024

In brief: Brazil’s Petrobras posts drop in production in Q3

*Brazilian state-controlled oil company Petrobras has released its oil and natural gas production figures for the third quarter, which showed a total of 2.69m barrels of oil equivalent per day (boepd). This marks a slight decrease from the 2.7m boepd produced in the preceding quarter and from the 2.88m boepd produced in Q3 last year. Despite the overall quarterly decline in oil and gas production, Petrobras highlighted that production of oil derivative products, including gasoline, diesel, and kerosene for aviation fuel, increased compared to Q2. A total of 1.82m barrels per day (bpd) of oil derivatives was produced in Q3, up 4.2% in quarterly terms but down 0.6% in yearly terms. In a press release, Petrobras stated that gasoline in Q3 posted a quarterly record. Gasoline production came to 438,000 bpd, up 5.0% from Q2 and up 3.3% from Q3 2023.

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