Petrobras Cuts Oil Production Growth Forecast by Half

Petroleo Brasileiro SA, Brazil’s state-controlled oil company, said production next year will rise by less than half a previous forecast as output at older fields declines.
Output will increase by 3.5 percent to 4 percent, Guilherme Estrella, head of exploration and production, told reporters today in Rio de Janeiro. Petrobras previously said in a presentation that output would rise on average as much as 9.4 percent a year and reach 3.9 million barrels a day in 2014. Daily oil and natural gas output averaged 2.56 million barrels in the first 10 months of 2010, according to its website.
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Source: Bloomberg