Petrobras receives credit profile upgrade amid high refinery utilization

Fitch Ratings has upgraded the standalone credit profile of Petrobras from “bbb” to “bbb+”. The agency maintained the company’s global rating at “BB” and its national rating at “AAA(bra)”, both with a stable outlook.

Operationally, the Brazilian oil company reported that the P-78 platform in the Búzios field reached its nominal capacity, producing 180,000 barrels of oil per day. This follows a record third quarter in 2026, where oil and gas production rose 11.7% year-on-year to 3.512 million barrels of oil equivalent per day.

Petrobras refineries operated at a 98% utilization rate in October, with officials expecting operations to remain near capacity through the end of the year. To replenish inventories following refinery maintenance, the company plans to import 600 million liters of diesel in November.