LatinNews Daily - 28 April 2020

* Brazil’s state-owned oil company Petrobras has posted a 14.6% year-on-year increase in production in the first quarter of 2020. Production of oil, natural gas, and liquefied natural gas (LNG) totalled 2.9m barrels of oil equivalent per day (boed) in January-March 2020, with commercial production totalling 2.6m boed, and oil production averaging 2.32m barrels per day (bpd). The company puts the year-on-year increase in Q1 down to the ramp-up of platforms which came into operation in 2018 and 2019. “The negative effects of the global recession caused by the public health crisis did not substantially impact production and sales performance in 1Q20”, Petrobras notes. The company adds that in response to the slump in oil demand resulting from the coronavirus (Covid-19) pandemic, it has cut back oil production in April to 2.07m bpd, and scaled back utilisation of its refineries to 60% capacity.  

End of preview - This article contains approximately 147 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial