The Brazilian president is considering privatising the national oil company Petrobras. The government, which owns 50.3% of Petrobras, could sell part of its controlling stake in the company to fund welfare programs. Petrobras divested from its fuel distribution subsidiary BR Distribuidora, currently known as Vibra, in 2019. In addition, as part of an antitrust deal with the Brazilian Ministry of Justice, the company has been forced to sell 4 of its 13 refineries, accounting for half of Brazil's 2.1 mb/d refining capacity.
The Brazilian national oil and gas company Petrobras posted records in its 2020 annual production. Petrobras’ oil and gas production rose by 2.5% in 2020 to 2.84 mboe/d. Crude oil production in Brazil increased by 5% to 2.28 mb/d, spurred by a 45% surge in pre-salt production (up to 1.6 mb/d). Pre-salt production accounted for 66% of Petrobras’ total output in 2020. The previous records occurred in 2015 and were 2.79 Mboe/d and 2.23 mb/d of oil.