Brazil’s president has moved to annul a recent Petrobras liquefied petroleum gas (LPG) auction after the company sold the product at premiums of roughly 100% above local reference prices, a level that the administration deems unsustainably high.
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Petrobras announced the discovery of a high‑quality oil field in the pre‑salt area of the Campos Basin, specifically within the Marlim Sul field. The find adds to the company’s already substantial pre‑salt reserve base, which accounts for roughly 80 % of its total output and supports a low breakeven cost of about $28 per barrel.
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Petrobras announced on March 20 2026 that it will seek to buy back the Mataripe Refinery—formerly known as Refinaria Landulpho Alves (RLAM)—in Bahia, a facility it sold to Abu Dhabi’s sovereign fund Mubadala on November 30 2021 for an adjusted $1.8 billion.
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Petrobras announced that its refineries will operate at 98.5% of capacity in April 2026, a step up from the 97% utilization recorded in March and the 91% average in 2025. The target reflects the company’s effort to meet rising domestic demand and to offset higher diesel import costs amid a prolonged Middle East conflict.
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Transpetro, Petrobras’ wholly‑owned logistics arm, announced that it has signed multi‑year shipping agreements with commodities trader Trafigura and fuel distributor Ipiranga. The contracts give Transpetro access to Trafigura’s global shipping network and to Ipiranga’s extensive distribution network in Brazil, enabling the company to offer integrated logistics services to a broader range of customers beyond Petrobras’ own fleet.
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Petrobras announced a 0.38‑reais per liter increase for diesel sold to distributors, effective March 14, 2026. The hike follows a global oil shock that widened the gap between domestic and international benchmarks.
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Petrobras announced a diesel auction to sell 20 million liters in Rio Grande do Sul, scheduled for March 11, 2026, to address reported fuel shortages in the region.
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Petrobras reported a net profit of 15.6 billion reais (approximately $2.96 billion) for the fourth quarter of 2025, reversing a 17 billion‑real loss recorded in the same period a year earlier.
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