Petrobras cuts 2019 output target in push for ‘credibility’

Brazil’s state-run oil firm Petroleo Brasileiro SA cut its 2019 production target, sending its shares lower on concerns about how quickly the firm will be able to ramp up production.

Petrobras, as the firm is known, now expects output to average 2.7 million barrels of oil equivalent per day (boepd), in line with 2018, scrapping an earlier forecast that it could grow to 2.8 million boepd.

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