Petroleo Brasileiro SA (PETR4), Brazil’s state-controlled oil producer, fell the most among the world’s 10 largest oil companies by market value after reporting that output declined to a 20-month low.
The Rio de Janeiro-based producer dropped 2.6 percent to 18.39, the lowest close since May 30. Exxon Mobil Corp., the world’s top oil producer, fell 0.7 percent, while second-largest Petrochina Co. (857) climbed 2.6 percent.
Petrobras has failed to increase oil production at new projects fast enough to compensate for declining output at older fields, Lucas Brendler, who helps manage about 7 billion reais ($3.4 billion) of stocks at Banco Geracao Futuro de Investimentos, said.
“The production numbers are very bad,” Brendler said by telephone. “Petrobras is producing below the numbers the market was expecting.”
April output fell to the lowest since October 2010, the company said on June 8 after markets closed.
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