Brazil’s Petrobras posts $500 million loss despite record exports to China

Brazilian state-run oil firm Petroleo Brasileiro SA (PETR4.SA) on Thursday posted a loss of 2.7 billion reais ($524 million) in the second quarter, hurt by tumbling oil prices despite record export volumes to China.

The result, down from a record quarterly profit of 18.9 billion reais a year ago, came as the company pursued an aggressive volume-over-cents strategy to drive sales as crude prices slumped, hitting multi-decade lows in April.

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