Petrobras’ earnings fell in the last quarter of 2023 due to the 18% depreciation in Brent crude oil prices and 23% lower oil product margins. In 2023, total production from pre-salt oil surpassed 2.17 million barrels of oil equivalent, a 10% increase from the previous year’s record. The company’s net debt increased by 7.7% to $44.7bn in the same year.