MercoPress. South Atlantic News Agency

Brazil increasingly dependent on oil exports and energy production

“We have reached the milestone of crude oil becoming Brazil’s top export, surpassing soybean meal, agribusiness, mining, and iron exports, said CEO Chambriand

Crude oil has become Brazil’s main export product surpassing agribusiness and mining, according to the country’s hydrocarbons company Petrobras CEO Magda Chambriard. Brazil is not also becoming highly dependent on oil exports but also in energy generation.

 “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,” she said.

Petrobras reported operational highlights, including the achievement in September of a historic 3 billion barrels of oil and accumulated production from the Tupi Shared Reservoir and the Iracema area.

When in early November announcing the company’s third-quarter 2024 results, and a profit of BRL 32.6 billion—a 22.3% increase compared to the same period last year, CEO Chambriard also revealed that BRL 17.1 billion would be distributed in dividends to the company’s shareholders.

The executive described the results as solid, consistent, and surpassing sector expectations. “These results exceeded the market’s highest forecasts. Last quarter, we saw strong cash generation from both oil exploration and production, as well as from refining and natural gas. This quarter, we are reaffirming the success of the decisions we’ve made. Our debt is at its lowest level since 2008, and today, we are responsible for generating 31% of all primary energy in the country,” she noted.