Petrobras Dials Back Output. Idles Shallow Water Platforms

Brazilian oil company Petrobras on Thursday said it was dialing back short-term production, delaying a dividend payment and trimming its 2020 investment plan, among other measures aimed at reducing costs in the face of the coronavirus pandemic.

In a securities filing, Petroleo Brasileiro SA, as the state-run firm is formally known, said it was reducing oil production by 100,000 barrels per day (bpd) through the end of March due to lower global demand.

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