Brazil’s state-owned oil giant Petrobras reported first-quarter EBITDA of R$59.6 billion ($12.2 billion), missing analyst expectations despite strong oil prices during the geopolitical tensions linked to the war in the Middle East. The company benefited from higher crude prices and increased production, particularly from Brazil’s giant Buzios offshore field, where total oil and gas output rose 16% quarter over quarter to 3.23 million barrels of oil equivalent per day. However, Petrobras continued to shield Brazilian consumers from fuel inflation by keeping gasoline prices stable and making only limited diesel price adjustments during the conflict, reducing the potential upside from rising global energy prices. Refinery utilization reached 95%, helping limit fuel imports, while the company announced R$9 billion in shareholder distributions, below analyst expectations. $PBR #Petrobras #oil #brasil