Optimism despite Petrobras' production decline
Brazil's state-controlled flagship has, of late, been long on promise but short on return. However, its long-term outlook is increasingly bright
Charles de Gaulle, former president of France, is rumoured to have once said: "Brazil is the country of the future... and will always be." For some, that description could also apply to Petrobras, which despite operating in a country where recent giant discoveries promise to make it one of the world's largest producers, the state-controlled firm is instead seeing its share price drop to eight-year lows and output decline for a second straight year. On 31 January, Petrobras reported that its production declined for a third straight month in December to give an average daily output in 2013 of 2.54 million barrels of oil equivalent a day (boe/d), a 2.23% drop on the year before. Petrobras produ
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
