In a significant economic shift, crude oil emerged as Brazil’s top export product in the third quarter of 2024, surpassing traditional export leaders like soybean meal and iron ore. This milestone highlights the growing influence of the oil sector on Brazil’s export economy.
Petrobras, which handles nearly 90 percent of Brazil’s oil production, announced the achievement through its president, Magda Chambriand. “We have reached the milestone of crude oil becoming Brazil’s top export product. We have surpassed soybean meal, agribusiness, mining, and iron exports, making it possible for Petrobras to contribute significantly to Brazil’s export agenda,” Chambriand said.
Record-Setting Production and Profit
Petrobras achieved an accumulated production milestone of 3 billion barrels of oil in September from the Tupi Shared Reservoir and the Iracema area. These accomplishments contributed to the company’s strong third-quarter results:
- Profit: BRL 32.6 billion, a 22.3% increase compared to Q3 2023.
- Dividends: BRL 17.1 billion distributed to shareholders.
- Debt Reduction: Debt is now at its lowest since 2008.
Magda Chambriand described the results as exceeding expectations, showcasing robust cash generation from oil exploration, refining, and natural gas operations. “Today, we are responsible for generating 31% of all primary energy in the country,” she noted.
Impact on Brazil’s Economy
This development underscores oil’s critical role in Brazil’s export landscape, demonstrating how strategic decisions by Petrobras have positioned the company as a global leader in energy production. With solid financials, reduced debt, and record-breaking production, Petrobras continues to drive economic growth and energy sustainability for Brazil.
