Petrobras Reduces Output Estimates on Deeper Spending Cuts

  • Petrobras slashes 2015-2019 spending again to $98.4 billion
  • 2020 output target cut 3.6% to 2.7 million barrels a day

Petrobras further cut spending and reduced estimates for its production growth amid the worst oil market in a generation and a massive corruption scandal. The stock tumbled.

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