Economy

Brazil's state oil giant slashes output amid grave oil crisis

XinhuaNet
02/04/2020 13:58
Visualizações: 1676 (0) (0) (0) (0)

Brazil's state oil giant Petrobras on Wednesday doubled an earlier scale back in production for a total cut of 200,000 barrels per day amid "the worst crisis in the oil industry in the last 100 years."

 

According to a company statement, "the current scenario is marked by an unprecedented combination of a sudden drop in the price of oil, a surplus in the market and a strong contraction in the global demand for oil and fuels."

 

Last week, Petrobras said it was cutting oil output by 100,000 barrels per day through the end of March to adapt to the realities of a world market hit by a global pandemic.

 

The International Energy Agency has said the pandemic could reduce the demand for oil by 20 percent, equivalent to 20 million barrels per day.

 

A Brazilian association of gas stations has reported a near 50-percent drop in demand at the gas pump.

 

Petrobras has also implemented spending cuts to bring down the cost of operations in 2020 by some 2 billion U.S. dollars, including reducing the work day from eight to six hours for some 21,000 workers.

Most Read Today
see see
Fenasucro
Future Fuel consolidates Brazilian pioneering role and b...
20/05/26
Partnership
Radix partners with Repsol Sinopec Brasil and PUCRS to c...
20/05/26
Communication
The behind-the-scenes story of communication and adverti...
20/05/26
Result
Total oil production under production-sharing regime hit...
20/05/26
BOGE2026
Global geopolitics’ impact on the local oil sector to be...
19/05/26
International Women's Day
IBP celebrates International Women at Sea Day and reinfo...
19/05/26
Pre-Salt
Mero Field in the Santos Basin Pre-Salt Receives Unprece...
14/05/26
Results
Petrobras reports net profit of R$ 32.7 billion in the f...
14/05/26
Partnership
Halliburton and Shape Digital establish strategic collab...
06/05/26
ROG.e 2026
ROG.e 2026 will bring together CEOs from TotalEnergies, ...
06/05/26
International
At OTC Houston 2026, Firjan SENAI SESI expands its reach...
06/05/26
International
At OTC Houston 2026, Firjan SENAI holds international ed...
04/05/26
Recognition
BRAVA Energia receives top global industry award for Atl...
04/05/26
International
Brazil reaffirms technological leadership at OTC Houston...
04/05/26
Pre-Salt
PPSA closes 2025 with a net profit of R$ 30.1 million
04/05/26
Results
With 5.531 million boe/d, Brazil continues with record o...
04/05/26
International
Brazil reaffirms technological leadership at OTC Houston...
02/05/26
Environment
Brazil appears among world's largest methane emitters in...
30/04/26
PPSA
Federal Government receives R$ 917.32 million from Tupi ...
07/04/26
Study
Brazil increases dependence on thermal power, but lack o...
07/04/26
Permanent Offer
Permanent Production Sharing Offer (OPP): ANP publishes ...
07/04/26
VEJA MAIS
Newsletter TN

Contact us

We use cookies to ensure you have the best experience on our website. If you continue to use this site, we will assume that you agree with our Privacy Policy, terms of use and cookies.