Petrobras Makes Further Big Cuts in Capital Spending

摘要

Brazil's state-owned oil producer Petrobras has slashed its planned capital spending again. The heavily indebted company announced on Tuesday that spending for the five-year period 2015-19 has been cut by $32 billion to $98 billion. The announcement marks the second time in less than four months that the company's board has reduced spending in response to the slump in global oil prices. In October spending for 2015-16 was cut by $11 billion (OD Oct.7'15).