Brazil's state-controlled oil producer Petrobras raised output to a record level in the third quarter and ran its refineries at near-full capacity, helping the country cushion the blow from the Iran war's impact on global energy markets.
Petrobras said in a filing on Wednesday that its oil and gas production rose 12 percent year-on-year to 3.51 million barrels of oil equivalent per day. Compared with the second quarter, output grew 5.3 percent, driven by the company's accelerated start-up of new platforms in deepwater fields, including the P-78 and P-79 units at the giant Buzios project.
Petrobras said the Alexandre de Gusmao floating production, storage and offloading vessel reached peak production at the Mero field, and losses from maintenance shutdowns were reduced.
The increase in production and refining volumes helped Latin America's largest economy limit its exposure to the global energy shock. In the quarter, Petrobras' refineries ran at 99 percent of capacity utilization, and diesel output hit a record high.
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