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.
The announcement follows a 95% utilization guidance for Q1 2026, indicating an acceleration in operational plans. Petrobras attributes the increase to stronger global oil prices, tighter supply conditions, and a strategic push to keep domestic fuel supplies stable while leveraging higher refinery margins.
The move is part of Petrobras’ broader 2026‑2030 investment plan, which allocates $109 billion to exploration, production, and downstream upgrades. By boosting refinery throughput, the company aims to add 320,000 barrels per day of processing capacity by 2030 and to support its goal of maintaining a robust supply chain in Brazil.
Management highlighted that the higher utilization will help counteract the diesel price spike that has pressured consumers and businesses. The company also noted that the extended Middle East conflict has kept global oil prices elevated, creating a tailwind for refinery margins and cash flow.
Petrobras’ refinery network includes 12 plants across Brazil, and the 98.5% target is expected to translate into increased output of gasoline, diesel, and jet fuel, strengthening the company’s position as the country’s largest refining operator and a key supplier in the region.
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