The more we refine, the more we earn—adding value beyond crude exports
Em um momento em que tensões geopolíticas redefinem os fluxos globais de energia, a Petrobras transformou pressão externa em vantagem operacional, levando suas refinarias a operar além dos limites convencionais de capacidade. A empresa registrou 103% de utilização em maio de 2026 — não por imprudência, mas por uma combinação deliberada de manutenção preventiva, aprovação regulatória e oportunidade de mercado. É um retrato de como grandes organizações, quando bem preparadas, conseguem converter instabilidade mundial em resultado concreto.
- Conflitos no Oriente Médio elevaram os preços dos derivados de petróleo no mercado internacional, criando uma janela rara de rentabilidade extraordinária para quem refina em vez de apenas exportar petróleo bruto.
- A Petrobras respondeu acelerando suas refinarias além da capacidade de referência, atingindo 102% e 103% em dias consecutivos em abril e maio — números que desafiam a lógica convencional de operação industrial.
- A viabilidade técnica desse feito foi construída ao longo do tempo: equipamentos que antes operavam com 70% de disponibilidade agora chegam a 90%, graças a inspeções baseadas em risco e à antecipação de paradas programadas para 2025.
- A refinaria Abreu e Lima, projetada para 130 mil barris por dia, passou a processar entre 140 mil e 150 mil, e em abril bateu recorde de produção de diesel de baixo teor de enxofre com 385 milhões de litros.
- A sustentabilidade desse desempenho permanece frágil: qualquer normalização geopolítica ou falha de equipamento pode devolver as refinarias aos seus limites habituais, expondo a dependência do modelo ao contexto externo.
A Petrobras empurrou suas refinarias além do que convencionalmente se considera o limite máximo de operação. Em maio de 2026, a taxa de utilização chegou a 103% — um número que só faz sentido quando se entende que o fator de utilização mede o volume processado em relação à capacidade de referência, e pode ultrapassar 100% com aprovação da ANP. A presidente Magda Chambriard anunciou o feito durante a apresentação de resultados do primeiro trimestre, em 12 de maio, descrevendo-o como recusa da empresa em aceitar limites convencionais.
A escalada foi gradual, mas consistente. No primeiro trimestre de 2026, a média foi de 95% de utilização. Em março, o índice chegou a 97,4% — o maior desde dezembro de 2014. Em abril e maio, ultrapassou os 100%. O diretor de processos industriais, William França, confirmou os picos de 102% e 103% em dias consecutivos.
O contexto geopolítico foi o catalisador. A guerra no Oriente Médio perturbou os mercados globais e elevou os preços dos derivados. Para a Petrobras, que exporta volumes significativos desses produtos, refinar mais significa capturar mais valor — transformando petróleo bruto em diesel, gasolina e querosene de aviação a preços premium. A empresa também bateu recorde de produção de petróleo bruto no trimestre, amplificando o ganho.
Mas a base desse desempenho foi construída antes da crise. Investimentos em confiabilidade operacional elevaram a disponibilidade dos equipamentos de 70% para 90%. As grandes paradas de manutenção foram antecipadas para 2025, deixando 2026 deliberadamente leve em interrupções programadas. A refinaria Abreu e Lima, em Ipojuca, exemplifica o resultado: projetada para 130 mil barris por dia, opera hoje entre 140 mil e 150 mil, e em abril registrou produção recorde de diesel de baixo enxofre.
A Petrobras opera 11 refinarias no Brasil, com a unidade de Paulínia respondendo por cerca de 30% da capacidade nacional. Manter esse ritmo elevado depende tanto da continuidade dos investimentos em manutenção quanto da persistência das condições geopolíticas que tornaram os derivados tão lucrativos. Qualquer mudança em um desses fatores pode ser suficiente para devolver as refinarias aos seus limites habituais.
Brazil's largest oil company has pushed its refineries past what most would consider their breaking point. In early May, Petrobras refineries were running at 103 percent capacity—a figure that sounds impossible until you understand what it actually means. The company's president, Magda Chambriard, announced the achievement during the firm's first-quarter earnings presentation on Tuesday, May 12th, framing it as evidence of the company's refusal to accept conventional limits.
The numbers tell a story of escalating performance. During the first three months of 2026, Petrobras refineries operated at a 95 percent utilization factor on average. By March, that figure climbed to 97.4 percent, the highest mark since December 2014. But the real news came in the months that followed. During a call with investors and market analysts, Chambriard revealed that April and May saw utilization exceed 100 percent. William França, the director overseeing industrial processes and products, was more specific: the company had operated at 102 and 103 percent capacity in consecutive days.
This is technically possible because the utilization factor—a calculation based on the volume of crude oil processed against the refineries' reference capacity—can exceed 100 percent if the processing load is slightly higher than the installed reference capacity, provided the National Petroleum Agency grants approval. The refineries transform crude into diesel, gasoline, and jet fuel. Running them harder than their design specifications allow requires careful management of safety, environmental standards, and product quality, but it is not inherently reckless.
The geopolitical moment has made this push worthwhile. War in the Middle East has disrupted global oil markets and driven up prices for refined petroleum products. Petrobras, which exports significant volumes of these derivatives, stands to gain substantially. França explained the calculus plainly: the more the company refines its own crude, the more revenue it captures. Rather than simply selling raw petroleum, Petrobras is adding value by processing it into finished fuels. The company also set a crude production record in the first quarter, amplifying the advantage.
The operational improvements enabling this performance are less dramatic but more durable. Petrobras has invested heavily in refinery reliability through risk-based inspections and engineering tools. Equipment that once operated at 70 percent availability before requiring maintenance now runs at 90 percent. The company has compressed maintenance intervals and reduced downtime, allowing refineries to sustain higher processing loads for longer periods. This year has been deliberately light on scheduled maintenance—the company front-loaded major work in 2025 to position its units for sustained high-capacity operation in 2026.
The Abreu e Lima refinery in Ipojuca, near Recife, exemplifies the strategy. After undergoing maintenance in the first quarter of 2025, the facility—designed for 130,000 barrels per day—can now safely process 140,000 to 150,000 barrels daily. In April, the refinery set a record for production of low-sulfur diesel, generating 385 million liters, surpassing a previous high of 373 million set nearly a decade earlier in July 2016.
Petrobras operates 11 refineries across Brazil, including the Boaventura complex in Rio de Janeiro. The Paulínia refinery in São Paulo's interior is the largest, accounting for roughly 30 percent of the country's total refining output. The company's ability to sustain this elevated utilization depends on continued investment in maintenance and the persistence of the geopolitical conditions that have made refined product exports so profitable. Any significant shift in either factor could force the refineries back toward their conventional limits.
Notable Quotes
Petrobras does not accept limits. Its goal is to exceed them every day.— Magda Chambriard, Petrobras president
The more we refine our own petroleum, the more money we earn. We are adding value beyond petroleum exports.— William França, director of industrial processes and products
The Hearth Conversation Another angle on the story
How can a refinery actually run above its designed capacity without breaking?
It's not magic—it's about how you measure capacity. The utilization factor accounts for the volume of crude processed against a reference capacity. If you can process slightly more crude while maintaining safety and quality standards, and if regulators approve it, you can exceed 100 percent. It's like a highway rated for 100,000 cars a day that occasionally handles 103,000 without collapsing.
But doesn't that wear things out faster?
It would, if you ran it that way indefinitely. Petrobras is managing this by investing heavily in equipment reliability. They've improved maintenance practices so pumps and other machinery can run longer before needing service. They also deliberately scheduled most major maintenance in 2025, so 2026 could be a high-output year.
Why does the war in the Middle East matter to a Brazilian oil company?
Because Petrobras exports refined products—diesel, gasoline, jet fuel—not just crude oil. When Middle East supplies tighten, global prices for these products rise. The more Petrobras refines its own crude into finished fuels, the more profit it captures. It's adding value rather than just selling raw material.
Is this sustainable?
That's the real question. It depends on two things holding: continued investment in maintenance to keep equipment reliable, and the geopolitical situation staying tense enough to keep refined product prices high. If either changes, the refineries will need to throttle back.
What happens if something breaks?
That's the risk. Running equipment harder means less margin for error. A major equipment failure could force an unplanned shutdown, which would be costly and disruptive. That's why the reliability investments matter so much—they're the insurance policy for this strategy.