Oil and natural gas production in Brazil reached a record high in February 2026, according to a report released on Wednesday (Apr. 1) by the National Agency of Petroleum, Natural Gas, and Biofuels (ANP).

A total of 5.304 million barrels of oil equivalent per day (boe/d) - a measure that includes both oil and natural gas - were produced. The previous record was set in October 2025, at 5.255 million boe/d.

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Considering only oil, 4.061 million barrels were extracted per day - a 2.7 percent increase from the previous month and a 16.4 percent rise from the same month in 2025.

Natural gas production in February stood at 197.63 million cubic meters per day (m³/d), representing a 2.3 percent growth from January and a 24.5 percent expansion from February 2025.

Production came from 6,079 wells, 582 of which were offshore and 5,497 onshore. Offshore fields accounted for 98 percent of the country’s oil production and 87.8 percent of its natural gas output.

Fields operated by Petrobras, either alone or in consortium with other companies, accounted for 89.46 percent of total production.

Pre-salt production

The pre-salt layer accounted for 80.2 percent of Brazilian production, totaling 4.243 million boe/d in February. This represented a 2.3 percent increase from the previous month and a 20.1 percent rise from the same month in 2025.

A total of 3.264 million bbl/d of oil and 155.56 million m³/d of natural gas was extracted from 181 wells in the pre-salt layer.

The Tupi Field, in the Santos Basin, was the country’s largest producer of both oil and natural gas, with output of 865,980 barrels per day and 42.87 million m³/d.

Brazil’s Central Bank President Gabriel Galípolo stated on Monday (Mar. 30) that Brazil is in a more favorable position than other countries to face the volatility in oil prices caused by the war in the Middle East. The executive participated in the J. Safra Macro Day, held in São Paulo this morning.

“Of course, everyone would prefer to be in a situation without all these potential risks and shocks that the world has been facing in recent years. But when I compare Brazil to its peers, it seems to be in a relatively more favorable position,” he stated.

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Galípolo argued that this advantage stems from the fact that Brazil exports more oil than it imports, as well as from the contractionary monetary policy adopted by the financial institution, which has kept the nation’s benchmark interest rate – the Selic – at 14.75 percent per year.

“Compared to other central banks, which are closer to a neutral interest rate, I think this also puts us in a more favorable position relative to our peers,” he noted.

In his view, the current high interest rate environment in Brazil has created a buffer that should allow for a cut in the benchmark rate even amid pressure from the war in the Middle East.

“This buffer, which was built up through a more conservative stance during the last few [monetary policy committee] meetings, has allowed us – even in the face of new developments – to maintain the overall policy stance,” he said. “So, we decided to stick to our path and begin the cycle of monetary policy calibration.”

All these factors, he went on, suggest that Brazil is currently “more like an ocean liner than a jet ski.”

“We’re not going to make any sudden or drastic moves. That’s why, in the [monetary policy report], I was careful to point out that the buffer has given us time to observe, understand, and learn more,” he declared.

Inflation

According to Galípolo, this volatility in oil prices on the international stage is likely to lead to higher inflation in Brazil and also to a slowdown in the country’s economy in 2026.

The Central Bank president also said that, in Brazil, rising oil prices have often had a positive impact on the GDP – which is however unlikely to be the case this time.

“This seems to me to be a rise in oil prices of a nature quite different from the past. It does not stem from a demand cycle. It does not stem from an increase in demand, but rather from a supply shock,” he said.

“So, at the Central Bank, our view is that we are likely going to see higher inflation and lower growth,” he projected.