Brazil oil production climbs 10.7% in Q2, Goldman Sachs raises Brazil output forecast

Brazilian independent oil producer PRIO reported a 10.7% increase in second‑quarter output, reaching 172,000 barrels of oil equivalent per day. Sales rose 4.5% to 15.251 million barrels in the same period, underscoring the company's growing operational scale.

Goldman Sachs revised its outlook for Brazil’s overall oil output, projecting an increase from 3.8 million barrels per day in 2025 to 4.8 million barrels per day by 2028. The bank estimates Brazil will account for about 20% of non‑OPEC supply growth in 2027, with export revenues rising from US$ 28 billion in 2025 to US$ 47 billion in 2028. Public revenue linked to oil is forecast at R$ 277 billion in 2026, a rise of R$ 85 billion‑plus year over year, providing a net positive impact of roughly R$ 49 billion to the federal budget. Goldman Sachs maintained a buy recommendation on Petrobras and projected an 18% dividend yield for 2027.