Petrobras hits record Q1 oil and gas output amid Iran conflict

Brazil's state-owned oil company, Petrobras, has achieved a record high for first-quarter oil and natural gas production, with its refineries operating at nearly full capacity. The development highlights Brazil's growing importance as the war in Iran sends shocks through global energy markets. According to Petrobras, its oil and gas output rose 16% year-over-year to 3.23 million barrels of oil equivalent per day. The company's refinery utilization rate reached 95% in March, its highest monthly level since 2014, which is helping to reduce demand for fuel imports. Petrobras management is reportedly working with the government to curb fuel price increases and ensure a stable supply in response to the economic impact of the conflict in the Middle East.