The COVID-19 crisis has caused significant reductions in demand for oil products, especially diesel, gasoline and QAV in Brazil and worldwide.

In this sense, the company decided to reduce a total of 100 thousand bpd of its oil production by the end of March, due to the oversupply of this product on the foreign market and the reduction in world oil demand caused by the effect of COVID-19. The company will assess market conditions and, if necessary, make new adjustments in oil production, always guaranteeing safety conditions for people, operations and processes.

The company continues to explore opportunities for further administrative and operating cost cuts. Given the high degree of uncertainty prevalent in the global economy, we believe it is premature to make revisions to the base scenario and oil price projections. Such reviews will be made when the uncertainties and the consequent price volatility decrease.