Petrobras Plans November Diesel Imports as Refineries Run Near Capacity

Petrobras will bring in 600 million litres of diesel during November to rebuild inventories drawn down by scheduled maintenance at its refineries, the company said. The volume works out to roughly 125,000 barrels per day and follows work at the RNEST and Repar units.

That figure sits below October's 650 million litres, even as the state-controlled producer restocks tanks emptied during the turnarounds. Angélica Laureano, Petrobras's director for logistics, marketing and markets, set out the import plan in remarks carried by media outlets.

Plants pushed to the limit

Processing rates are not easing. Refineries ran at 98% of capacity in October, and director William Franca has signalled that November and December should stay close to the operational ceiling, Reuters reported on 30 October. December will also bring a shift in the product slate: more gasoline to meet summer demand, less diesel once the planting season winds down. The plants themselves remain heavily loaded while that mix changes.

Record output underpins the quarter

Those maintenance-driven imports sit alongside a production performance that set new highs. Petrobras lifted 3.51 million barrels of oil equivalent per day of oil, gas and natural gas liquids in the third quarter of 2026 — a company record and 11.7% more than a year earlier. Exports of crude and refined products also peaked, at 1.25 million barrels per day.

Not every project is running to schedule. First gas at Sirius, the offshore venture shared with Ecopetrol, has slipped from 2030 to 2031. Alcindo Mortiz, who heads Petrobras Colombia, attributed the delay to difficulties in the consultation process. On the exploration front, the company confirmed a third oil find at the Morpho well in block FZA-M-59, located in the Foz do Amazonas basin, on 29 October.

Oil price retreat weighs on the shares

The trading backdrop has turned less friendly. Brent was heading for a weekly loss of 16%, with results from the US midterm elections fuelling hopes of a de-escalation in the US-Israeli war against Iran and of additional crude flowing out of the Middle East. Continued attacks on tankers, meanwhile, provided a counterweight that kept a floor under prices.

Petrobras stock came under pressure on Wednesday alongside other Brazilian oil producers as crude fell sharply. On Friday the shares shed 1.9% to close at €7.67.

Investors get their next read on the company on 11 November 2026, when Petrobras presents third-quarter results. The webcast starts at 13:00 Brasília time with simultaneous English translation, following an adjustment to the original schedule.