Petrobras likely to beat 2026 oil production target, CEO says (updated)

Petroleo Brasileiro SA Petrobras

07/08/2026 21:32

Recasts headline and adds new information in paragraphs 3-6, share move in paragraph 7
By Fabio Teixeira and Marta Nogueira
RIO DE JANEIRO, Aug 7 (Reuters) - azil's state-controlled oil company Petrobras PETR3.SA will likely produce more oil than it had forecast for 2026, CEO Magda Chambriard said on Friday during an earnings call with analysts.
She said the company's oil output in the second quarter was 200,000 barrels per day higher than its target. So far this year, Petrobras has produced an average of 2.6 million barrels per day, above its forecast of 2.5 million barrels per day, according to a company presentation.
Speaking later to journalists, Chambriard said that 2.7 million barrels per day would be a strong result, though she did not provide further details.
In a statement after the press conference, Petrobras said it is maintaining its official forecast of more than 2.5 million barrels per day for the year. The company added that it is continuing to work to maximize production and outperform its targets.
"At the same time, as noted by CEO Magda Chambriard at investor and press events today, the company consistently aims to maximize production and surpass targets," it said.   
Since Chambriard took over, Petrobras has focused on raising output through operational improvements, including slowing production declines at older oil fields. According to the CEO, the additional production helped the company increase exports and lift profits to near-record levels as oil prices remained high.
Despite that, Petrobras shares closed down 3% on Friday, after rising earlier in the day. Brazil's benchmark stock index, the Bovespa .BVSP, fell 1.7%.

 (Reporting by Fabio Teixeira and Marta Nogueira; Editing by Nia Williams)
 ((Fabio.Teixeira@thomsonreuters.com; +55 21 99603-4782;))