Oil production in Brazil fell 6% in the first quarter from a year earlier, according to National Petroleum Agency (ANP) figures seen by Reuters on Monday, led by a drop in output from state-run oil giant Petrobras.
Brazil produced an average of about 2.8 million barrels per day in the first three months of the year, compared with around 3 million bpd in the first quarter of last year, according to the ANP.
Petroleo Brasileiro SA (PETR4.SA), as Petrobras is formally known, produced 2.1 million bpd in the first quarter, down 5%, according to ANP data. Petrobras accounts for about 75% of all of Brazil’s oil production.
Natural gas production totaled 131.2 million cubic meters per day in the first quarter, up 1% from a year ago, the ANP said, adding that Petrobras’s output fell 1% to 96.5 million cubic meters per day.