Brazil’s oil production remained steady in April, only decreasing 0.5% in comparison to March’s output figures despite reduced global oil demand, according to Reuters.
Official figures show that Brazil produced 2.958 million barrels of oil per day (mmbbl/d) in April which is only 0.5% less than March’s figures. When compared with production rates the same time last year, it represents a 13.6% hike.
A number of 21 offshore fields and 17 onshore fields saw production temporarily halted during April. Brazilian state-run company Petrobras announced that it was permanently idling six high-cost offshore production assets that are currently for sale.
Petrobras initially decreed production cuts of 200,000 barrels of oil per day (bbl/d) for April, however the company swiftly reversed this decision amidst sustained Chinese demand for oil.