Brazil’s state-controlled oil company Petrobras is being forced to turn itself into a smaller operation as crude prices have fallen more than expected, making it impossible to finance its once-ambitious plans, the company’s chief financial officer said on Tuesday.
CFO Ivan Monteiro made the comment on a conference call with investors a day after Petroleo Brasileiro SA, as the company is formally known, announced a 36.9 billion real ($10.2 billion) fourth-quarter loss, its biggest ever.
The loss was driven by a 46 percent decline in the price of Brent crude oil in the fourth quarter compared with a year earlier, the company said.
A big recovery is unlikely anytime soon, Monteiro said.
Brazil Energy Insight 
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