Petrobras Reports an 8.2% Decline in Q3 Oil Production

Petrobras (PBR) , Brazil's state-run oil and gas company, reported a notable decrease in third-quarter 2024 oil production. This highlights the challenges faced by the company in maintaining its output levels. According to a recent statement, the company's oil output fell 8.2% year over year, resulting in a production level of 2.13 million barrels per day (bpd). This decline raises several questions regarding the future of Brazil's oil sector and Petrobras' strategic direction.Overview of Petrobras' Product ...