Brazil’s state-controlled oil producer Petrobras further cut spending and reduced estimates for its production growth amid the worst oil market in a generation and a massive corruption scandal. The stock tumbled.
Petroleo Brasileiro SA, as the company is formally known, slashed its business plan in the five years through 2019 to $98.4 billion, the latest adjustment to the original $130 billion in programmed outlays it announced last year, it said Tuesday in a filing. The company reduced its 2020 target for Brazilian oil production by 3.6 percent to 2.7 million barrels a day.
Brazil Energy Insight 
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