BBI sees Petrobras oil output growing further

Petrobras reached an oil output of 2.92 million barrels per day in August, according to preliminary figures released by Brazil's National Petroleum Agency (ANP). The volume represents a 4% increase compared to July.

The monthly improvement was driven primarily by a 5% increase in production at the Búzios field, alongside recoveries at the Itapu and Marlim fields.

On 15 September 2026, Bradesco BBI analysts Vicente Falanga and Ricardo França noted that the figures signal acceleration throughout 2026. They stated that this performance positions Petrobras to close the year above the market consensus of 2.77 million barrels per day for 2027. According to the bank, producing more than 3.0 million barrels per day looks increasingly feasible thanks to the expansion at Búzios, continuous efficiency gains, and management efforts to accelerate new platform start-ups.

Bradesco BBI maintained Petrobras as one of its top picks in the sector, reiterating an outperform rating with a price target of BRL 53.