Friday, October 7, 2022

Brazil oil production falls 6% in first quarter

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(Reuters) – Oil production in Brazil fell 6% in the first quarter from a year earlier, according to National Petroleum Agency (ANP) figures seen by Reuters on Monday, led by a drop in output from state-run oil giant Petrobras.

Brazil produced an average of about 2.8 million barrels per day in the first three months of the year, compared with around 3 million bpd in the first quarter of last year, according to the ANP.

Petroleo Brasileiro SA, as Petrobras is formally known, produced 2.1 million bpd in the first quarter, down 5%, according to ANP data. Petrobras accounts for about 75% of all of Brazil’s oil production.

Natural gas production totaled 131.2 million cubic meters per day in the first quarter, up 1% from a year ago, the ANP said, adding that Petrobras’s output fell 1% to 96.5 million cubic meters per day.

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