Brazilia, (Prensa Latina) The Brazilian state oil company Petrobras will down its daily oil production by 200 thousand barrels as a result of the reduction in worldwide demand of oil and derivate products, as per a company's report.
'The duration of the reduction, as well as possible increases or decreases will be evaluated continually,' said the company, which will take into account the market and operational conditions in order to define what fields will see a decrease.
The company added as well that it is adjusting the processing of its refineries according to the fuel demand.
Petrobras is making this move following the impact caused by the pandemic on the market.
According to the International Energy Agency, oil demand could be reduced by 20 percent (nearly 20 million barrels per day) as a result of the measures adopted worldwide to curb the propagation rate of the disease.
In Brazil, fuel requests in gas stations diminished by nearly 50 percent, according to Fecombustíveis, who represents resellers in Brazil.
The contraction in the demand has led refineries all over the world to dial back the production, with processing rates reduced in the United States, Europe and Asia.
sus/llp/mgt/ocs
The company added as well that it is adjusting the processing of its refineries according to the fuel demand.
Petrobras is making this move following the impact caused by the pandemic on the market.
According to the International Energy Agency, oil demand could be reduced by 20 percent (nearly 20 million barrels per day) as a result of the measures adopted worldwide to curb the propagation rate of the disease.
In Brazil, fuel requests in gas stations diminished by nearly 50 percent, according to Fecombustíveis, who represents resellers in Brazil.
The contraction in the demand has led refineries all over the world to dial back the production, with processing rates reduced in the United States, Europe and Asia.
sus/llp/mgt/ocs
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