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Tuesday, January 26, 2021

Brazil’s Petrobras shutting down 62 offshore platforms

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(Reuters) – Brazil’s state-owned oil firm Petroleo Brasileiro SA said on Wednesday it had begun suspending operations of 62 shallow water platforms in the Campos, Sergipe, Potiguar and Ceara basins.

Petrobras, as the company is known, had previously announced the shutdowns, which amount to a production cut of 23,000 barrels of oil per day.

The company had said in March it would cut oil production by 100,000 barrels per day, or around 3%, making it the first major state-run oil company to announce a significant reduction in output in response to the coronavirus pandemic.

Crude oil prices have crashed by 60% since January as Saudi Arabia and Russia battled for their share of a market that has already slumped and seen demand shrink amid the coronavirus pandemic.

Demand worldwide is expected to fall by more than 12 million bpd, or more than 10% of daily demand.

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