Petrobras maintains production to meet Chinese demand

Petrobras maintains production to meet Chinese demand

Energy Brazil Latin America

Chinese demand for crude oil and a sharp fall in the value of Brazilian Real helped Petrobras build a war chest of $15.7 billion to mitigate the impact of low global oil prices and the coronavirus, but deep cost cutting will still be needed later in the year, said the company's chief executive officer said on Friday. Petrobras executives said during its earnings results call for the first quarter, released the prior day, that rising demand from China helped offset low demand in its home market

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