Petrobras Trims 2020 Production Target

Brazilian oil company Petroleo Brasileiro SA on Thursday trimmed its oil and gas production outlook for next year, weighing on its shares despite more ambitious long-term output forecasts in its new five-year strategic plan.

Petrobras, as the state-run firm is known, aims to produce 2.2 million barrels of oil per day (bopd) next year, below a prior forecast of more than 2.3 million bopd provided last December.

Preferred shares of Petrobras slid around 1% in early trading on the Sao Paulo stock exchange.

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