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Petrobras cuts oil production by 200,000 barrels per day

Due to the contraction of oil and oil products demand, Petrobras has cut oil production by 200,000 barrels per day. Petrobras oil production was at 2.45 million barrels per day in Q4 2019.

Petrobras is considering market and operational conditions in selecting which fields will have their production reduced. The duration of the constraint, as well as potential increases or decreases, will be evaluated on an ongoing basis.

The company is also adjusting the oil processing in its refineries, aligned to oil products demand.

Petrobras is also postponing payment of a portion (10 to 30%) of salaries for managers, and is reducing working hours (to 6 from 8) for some 21,000 employees.

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