Petrobras loaded its refineries to 98% in October, director says
Petrobras refinery utilization reached 98% in October, close to the third-quarter level of 99%. The company aims to cut its reliance on fuel imports, a director said.
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what happened
Brazilian state-run oil company Petrobras said its refineries ran at 98% utilization in October, nearly matching the 99% recorded in the third quarter. The company is trying to reduce its need for fuel imports, director of industrial processes and products William Franca told Reuters in an interview given late on Thursday.
According to Franca, the shutdowns across the refining system in October were brief and minor, such as at the RNEST refinery. Since the start of the war in the Middle East, Petrobras has increased oil output to benefit from higher Brent prices and has pushed refinery runs higher to cut gasoline and diesel imports.
Franca expects utilization to stay high and close to the operational limit in November and December. In December the company will shift its mix, producing more gasoline for Brazil's summer demand and less diesel after the planting season. In the first half of 2027, utilization is expected to fall to about 96% due to scheduled maintenance and expansion work at the Replan refinery in March and April.
why it matters
High refinery runs mean Brazil depends less on imported fuel and domestic gasoline and diesel supply stays steady. For oil markets, this signals firm crude demand from Petrobras, while planned maintenance in 2027 could tighten product supply later.
market impact
Brazil fuels: high refinery runs cut reliance on imported gasoline and diesel
tags
instruments
sources
- Petrobras refineries run at 98% capacity in October, director says — Reuters, 30 October 2026 at 20:15 UTC
- Petrobras refineries run at 98% capacity in October, director says — Reuters, 30 October 2026 at 21:14 UTC
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