In 2024, Petrobras, Brazil's state-owned oil company, achieved a historic high in refining output, setting new records for gasoline and S-10 diesel production.
In 2024, Petrobras, Brazil's state-owned oil company, achieved a historic high in refining output, setting new records for gasoline and S-10 diesel production. According to the company’s securities filing on January 17, 2025, gasoline production reached 24.4 billion liters, surpassing the previous record of 24.2 billion liters set in 2014. Diesel production also hit a new high of 26.3 billion liters, exceeding the record set the previous year. Additionally, the refinery utilization rate increased from 92% in 2023 to 93.2%.
This increase in production has had a positive impact on the domestic market. With enhanced refining capacity, Petrobras has been able to more effectively meet the domestic demand for high-quality fuel, reducing reliance on imported fuel and strengthening national energy security. However, fluctuations in global oil prices could still affect domestic fuel prices. For instance, in July 2024, after Petrobras adjusted its refinery prices, domestic gasoline prices briefly surged to nearly 6 Brazilian reals per liter, marking the highest level since October 2023.
Petrobras' record-breaking fuel production in 2024 has not only reinforced its position in the global energy market but also created opportunities for deeper cooperation with Chinese enterprises. As one of the world's largest energy consumers, China has been actively seeking to diversify its energy supply sources. The increase in Brazil's oil production, particularly in high-quality fuel output, offers new avenues for Chinese companies in oil trade, technical exchanges, and investment opportunities.
Furthermore, Petrobras has announced plans to invest $102 billion between 2024 and 2028 to drive its energy transition initiatives. This presents favorable opportunities for Chinese enterprises to engage in cooperation in renewable energy, infrastructure development, and technical services. Against the backdrop of a global energy transition, the prospects for China-Brazil cooperation in the energy sector remain promising, providing ample opportunities for both sides to explore and advance their strategic partnership.