Petrobras announces new cut in daily production

Last Wednesday (1), Petrobras reported that it is cutting 200,000 barrels of oil from its daily production. The reduction is already the second practiced by the state, and includes last week's cut, announced in 100,000 barrels per day. Other measures include postponing cash disbursement and reducing costs.

According to the company, these actions are being taken to ensure the permanence of the state- owned company, which is in the scenario of the "worst crisis of the oil industry in the last 100 years". "The current scenario is marked by an unprecedented combination of an abrupt drop in the price of oil, a surplus of supply in the market and a sharp contraction in global demand for oil and fuel," Petrobras said in a statement.

Also according to the state, the duration of these reductions in production and possible further cuts or increases will be evaluated by Petrobras itself. Processing at Petrobras refineries is also being adjusted in line with demand for fuels.

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