Petrobras trims refinery utilization after running above capacity for months (updated)

Petroleo Brasileiro SA Petrobras

06/08/2026 19:20

Rewrites to add details about refinery utilization rate
By Rodrigo Viga Gaier
RIO DE JANEIRO, Aug 6 (Reuters) - Brazilian state-run oil company Petrobras PETR3.SA has reduced the utilization rate of its refineries to 98% in August after operating above its nominal capacity for at least two months, an executive told Reuters.
The utilization rate eased from 101% in May and June to nearly 100% in July, before being further reduced this month, Petrobras' director of industrial processes and products, William Franca, said in an interview.
"Though that remains a high level," he stressed.
Petrobras had been running its refineries above capacity to curb the need for fuel imports at a time when international prices were elevated due to the oil shock related to the U.S.-Israeli war on Iran.
Diesel and liquefied natural gas prices have been a key concern for the company, which has sought to maximize domestic fuel output.
Despite the slight reduction in refinery utilization, Petrobras posted record diesel production in July. Total diesel output reached 3.903 billion liters, surpassing the previous record of 3.85 billion liters set in May, according to Franca.


 (Reporting by Rodrigo Viga Gaier; Writing by Gabriel Araujo; Editing by Chris Reese and Nick Zieminski)
 ((Gabriel.Araujo2@thomsonreuters.com; +55 11 5047-3352;))