Petrobras suspends dividends of $340mn

Petrobras postpones the payment of dividends of R$ 1.7 billion ($ 340 million) for 2019 to December, due to the war against the coronavirus, which caused a drop oil prices and reduced consumption, factors that put pressure on the company’s cash. Petrobras decided to reduce oil production on its platforms located in shallow waters (with higher extraction costs), totalling 100 thousand barrels per day.

Source: Jornal do Brasil