August 7, 2023 [Energy Portal]- Brazil’s state-owned oil company, Petrobras, has announced its plans to further increase the average capacity use of its refineries in the third quarter of this year. This decision comes after the company successfully raised usage to 93% between April and June, reaching the highest level since the third quarter of 2015.

The executive director of Industrial Processes and Products, William France, revealed that the company broke records in diesel production during the months of June and July. He also stated that Petrobras is on track to meet its production targets again in August.

To achieve these milestones, Petrobras has strategically optimized its refining and logistics assets, allowing the company to offer more competitive fuel prices. The executive director of Logistics, Commercialization, and Markets, Claudio Schlosser, explained that Petrobras’ commercial strategy aims to minimize external volatility while remaining competitive in the market.

Schlosser also mentioned that Petrobras continues to closely monitor fuel markets, and price adjustments will be made as necessary. He emphasized that the company is currently facing significant uncertainty in relation to the global economy and oil supply, which has led to increased price volatility.

Furthermore, Petrobras noted that Russian diesel imports, which arrived in Brazil at exceptionally low prices, accounted for more than 80% of the country’s third-party imports in July.

Petrobras’ plans to increase refinery capacity use in the upcoming quarter signal its commitment to maintaining a strong position in the market while effectively managing fuel prices and external economic factors.

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