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LatinNews Daily - 29 July 2019

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In brief: Brazil’s Petrobras revises down production target

* Brazil’s state-owned oil company Petrobras has announced that it has been obliged to revise its production target for 2019 downwards, following lower than expected production levels during the second quarter of the year. Petrobras’ production target is now 2.7m barrels of oil equivalent per day (boed), down from 2.8m boed, with a 2.5% variation margin. Production of oil, liquefied natural gas (LNG), and natural gas totalled 2.63m boed in the second quarter of 2019, a 3.8% increase on production levels in 1Q19. Over the first six months of 2019, however, production fell 3.1% compared with the first six months of 2018.