State marketed 640 million barrels of oil abroad and reached greater export participation in 25 years
It marketed 640 million barrels of oil abroad in 2024, representing 52% of its raw oil production. It was the first time the state oil company sold more than 50% of its total production to other countries.
Last year, Petrobras reported the 2nd largest oil production in its history, with 1.23 billion barrels. This result is only behind 2023, when the company produced 1.24 billion barrels. In the record year, Petrobras exported 47% of its production – higher value by 2024.
The data are from (National Agency of Petroleum, Natural Gas and Biofuels) and were compiled by (Institute for Strategic Studies of Oil, Natural Gas and Biofuels).
In 2024, oil was the main Brazilian export product, surpassing soy. The total amount of raw oil exports was US $ 44.8 billion, a 5% increase compared to 2023. The amount exported by Petrobras last year represents the company’s entire production in 2007.
When there was already the projection that oil would become the main Brazilian export product, Petrobras President Magda Chambriard celebrated and defended the need to expand the exploitation of oil reserves in the country. According to the executive, this was “A significant milestone for Brazil”.
According to the president of (Brazilian Foreign Trade Association), José Augusto de Castro, was the main engine that influenced the growth of raw oil sales abroad.
This consolidation of Brazil as an oil exporting country reverberated in the world. The country was invited and decided. This does not mean that the country will officially integrate OPEC+ (Organization of Oil and Allied exporting countries), because it will not be able to give an opinion on discussions about oil -oriented policies such as production cutting and price definition.
However, Brazil can follow the cartel’s technical decisions and to make suggestions to the energy policies of the members.
