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Latin American Economy & Business - October 2018
Brazil: Amid higher oil prices, Petrobras targets higher production
Higher global oil prices have benefitted state-run oil company Petrobras’ underlying accounts, generating a higher second-quarter profit, even while underlying production volumes have disappointed. However, in mid-September the company’s CFO – Rafael Grisolia – stated that he expects the recent slide in oil production to reverse in 2019, with the company targeting firm growth in output of 8%-10%. Combined with the possibility of still-high oil prices, this would allow the company to reduce its heavy debt burden.
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