Petrobras may make further cost cuts

The Executive Director of Finance and Investor Relations, Andrea Almeida, said on Friday (15), that Petrobras "is well prepared to operate with oil prices as low as 15 dollars per barrel" and in addition, can make further cost cuts.

The state has put in place several measures to deal with the effects of the new coronavirus pandemic on the global economy. "We didn't stop there, we keep working to generate new actions and new cost reductions, to the extent that we have more news we will talk to the market," she said during a video conference call with analysts about the quarterly results.

The state-owned company has already posted a record net loss of R$48.5 billion in the first quarter due to a review of long-term assumptions for Brent oil and pandemic-related impacts on the company's assets.

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