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April 1, 2020

Petrobras reduces production amid collapse in oil demand

Brazil's state-owned oil operator Petrobras announced today that it will decrease oil production by a further 100,000 barrels per day, on top of last week’s cuts, in an attempt to “strengthen resilience” after the drop in demand during the Covid-19 pandemic.

By Yoana Cholteeva

Brazil’s state-owned oil operator Petrobras announced today that it will decrease oil production by a further 100,000 barrels per day, on top of last week’s cuts, in an attempt to “strengthen resilience” after the drop in demand during the Covid-19 pandemic.

“As of today, oil production will be cut by 200,000 barrels per day, a volume that includes the reduction announced on 03/26/2020,” the company’s statement says.

Petrobras will also ensure that “the duration of the constraint, as well as potential increases or decreases, will be continually evaluated.”

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