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LatinNews Daily - 21 October 2020

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In brief: Production at Brazil’s Petrobras remains strong

*Brazil’s state-owned oil firm, Petrobras, has reported that it produced an average of 2.88m barrels of oil and natural gas equivalent per day (Boepd) in the first nine months of the year. This represents a 7.6% increase in production compared to the same period last year. A Petrobras statement attributed the result to a return to activity at its production sites in the third quarter after these were practically paralysed in the second quarter due to the coronavirus (Covid-19) health emergency. Petrobras also reported that it exported an average of 983,000 barrels of oil and oil derivative products in the third quarter, a 22.7% year-on-year increase, as global demand for oil also showed signs of recovery. The third quarter export figures bring the cumulative average exports in the first nine months of the year to 991,000 barrels per day, a 43.6% year-on-year increase. Based on this level of demand and production capacity, Petrobras has revised up its year-end production projection to 2.84m Boepd up from 2.7m Boepd.