⁍ Brazilian state-run oil company Petrobras said on Tuesday that 2020 production should exceed previously disclosed estimates.

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⁍ Petrobras said it expects to produce roughly 2.84 million barrels of oil equivalent per day (boepd) this year, up from its previous estimate of 2.7 million boepd.

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⁍ Crude output should reach 2.28 million barrels per day, the company said, up from its previous estimate of 2.2 million bpd.

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– Brazil’s state-run oil company is revising its production forecast for this year, saying it expects to produce 2.84 million barrels of oil equivalent per day, up from its previous estimate of 2.7 million boepd, Reuters reports. The revision will not come as a shock to the market as the company has consistently produced at levels above formal guidance this year, and executives had previously faced questions about whether their guidance was too conservative. But it nonetheless underlines how Petrobras has been able to recover quickly from the worst of the coronavirus pandemic, which severely hit demand for its fuels and caused various stoppages at its oil production facilities amid COVID-19 outbreaks. In a securities filing, the company said it produced 2.952 million boepd in the third quarter, up 5.4% from the previous quarter and up 2.6% from the same period last year. The company attributed the increased production in part to the ramp-up of its Atapu field and a strong performance at the Buzios offshore field, one of the world’s largest. The company called its third quarter production figures “very good, considering the challenging situation imposed by the COVID-19 pandemic.” Petrobras added that it was not suffering from an excess of crude or fuel stocks, and that current stocks were below pre-pandemic levels.