Petrobras cuts output, postpones dividend in face of coronavirus

Brazil’s state-run oil firm Petrobras announced a series of cost-cutting measures on Thursday in response to the economic fallout from the coronavirus pandemic, reducing production, idling some platforms and postponing a dividend payment.

In a securities filing, Petroleo Brasileiro SA, as the firm is known, said it was reducing oil production by 100,000 barrels per day through the end of March due to lower global demand.

Source: Reuters

Published: 26-03-2020