Petrobras, cut its investments and expenses outlook through 2016 following a drop in oil prices and sharp depreciation of the Brazilian real. The company said it now expects to invest $25 billion in its operations this year, down from its previous view of $28 billion, and $19 billion in 2016 instead of its previous view of $27 billion. Petrobras said it expects manageable operating expenses of $29 billion this year, down from $30 billion, and $21 billion in 2016, compared with its previous view of $27 billion. The company it expects the cuts “to preserve its fundamental goals of deleveraging the company and creating value for shareholders.” In June, when Petrobras announced its business and management plan for the 2015-2019 period, it was based on a crude oil Brent price average of $60 per barrel this […]