Amid the impact of the Iran conflict on the oil market, Brazil's oil and gas production hits a record high.

Golden Ten Data reported on May 1st that Petrobras set a new record for oil and natural gas production in the first quarter, with its refineries also operating near full capacity. This highlights Brazil’s increasingly important position in the global energy market amidst the impact caused by the Iran war. Petrobras stated that oil and natural gas production increased by 16% year-on-year, reaching 3.23 million barrels of oil equivalent per day. Its refineries reached their highest monthly utilization rate since 2014 in March, currently at 95%, reducing the need for fuel imports. The improvement in Petrobras’ production and refining capacity will help the country cope with the economic effects of conflicts in the Middle East. The company’s management has been working with the government to control rising fuel prices and ensure stable supply.