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RIO DE JANEIRO: Brazilian state-run oil company Petrobras announced Wednesday it posted a record net profit of nearly $20 billion in 2021.

Net profit for the final quarter last year came in at $5.64 billion, bringing 2021's total to $19.88 billion, the company said, a stark contrast to 2020's total of just over $1 billion due to effects of the pandemic.

"This increase is mainly due to the 70 percent increase of the price of a barrel of Brent crude oil in this period, higher sales volumes in the domestic market and higher margins in the derivatives market," Petrobras, a Brazilian publicly owned company, said in a statement.

The post-pandemic economic recovery also contributed to the increase of sales in Brazil, the group said.

Brazil’s Lula to detach local fuel prices from global oil quotes if elected

The 2021 final quarter's net profit was down from the third quarter's net of $5.94 billion and down 51 percent from the final quarter of 2020.

The company's debt was reduced to $47.62 billion in 2021 from $63.17 billion the year before.

Petrobras produced 1.77 billion barrels of oil equivalent per day last year, down 2.2 percent from the previous year.

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