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Petrobas (PBR-A) Stock Slumping After Five Year Budget Cut, Sliding Oil Prices

2015-06-30 05:32:02| Oil & Gas - Topix.net

Over the 2015 to 2019 period, capital spending will total about $130 billion, down from its previous five-year plan of $206.8 billion, the Journal said. The reduction deals a "significant setback to Brazil's ambitions of becoming a major player in the global industry," as the company reduced its domestic production target by 2020 to 2.8 million barrels of oil per day, down from 4.2 million barrels, according to the Journal.

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