Petrobras cuts investment plans
Brazil 
RIO DE JANEIRO, October 6, 2015 – Petrobras plans to cut spending by $11 billion for this year and 2016, amid low oil prices and the devaluation of Brazil’s currency, the state-led oil company announced in a Monday statement.
Petrobras will slash its investment for 2015 by 11 percent to $25 billion, from $28 billion. The company’s planned 2016 investment will be cut by 30 percent from $27 billion to $19 billion.
Despite Petrobras’ cutbacks, the company also announced that it will maintain its production targets of 2.13 million barrels of oil per day this year and 2.19 million barrels of oil per day in 2016.
The global downturn in oil prices and the devaluating real, Brazil’s currency, against the US dollar, has led to falling revenue and rising debt.
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