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Petrobras has revised the value of its production forecast for the month of April this year. Previously, the company had announced its intention to reduce its production to 2.07 million barrels of oil per day. Now, the company has revised the oil & gas market scenario and increased its production to 2.26 million barrels of oil per day.
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In its quarterly production and sales report, the company stated that “with the evolution of demand for our products proving to be better than expected, we opted for a gradual return to an average oil production level of 2.26 MMbpd in April, accompanied by an increase in the utilization factor of refining capacity.”
The decision to reduce production is due to the decline in global oil demand because of the coronavirus. In the same announcement at the beginning of April, Petrobras had informed that it would also reduce the utilization factor of its refineries from 79% to 60%.
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In a statement, the company reported that “We have directed our efforts towards the export of our oil and derivatives and, for that, we are conducting a series of logistical actions to enable the expansion of our export capacity,” Petrobras added. “Although there is a decline in global demand, the competitive differential of our products, the gradual recovery of China, a strong trading partner, and the constant search for new markets for our products, create the expectation that we will continue to have good performance in our exports.”
