Petrobras CEO Vows Belt Tightening to Navigate Lower Oil Prices

Petrobras Chief Executive Officer Magda Chambriard said the oil producer will tighten its belts to navigate the “challenging” scenario of lower oil prices while keeping focus on replenishing oil reserves and increasing production at deep-water fields.

“When the price goes up, we have more comfort to expand our ideas. When the price goes down, it’s time to tighten our belts,” Chambriard said in a call with analysts on Tuesday.