Pre-salt buoys Petrobras
Booming crude production in the region is helping to offset financial shock caused by Covid-19
Production growth has slowed to a crawl for much of the global oil sector this year. Subdued commodity prices and persistent market volatility have incentivised producers to slash capex and focus on the profitability of existing output until better economic times return. In Latin America, Brazilian state-controlled oil firm Petrobras is a rare exception. The company’s domestic production grew by 9pc year-on-year across the first three quarters of 2020, eclipsing previous guidance. This was achieved despite the Covid-19 pandemic sinking global energy demand and Brazil suffering one of the highest mortality rates in the world. Petrobras estimates production will end 2020 at an average of 2.84m
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