Petrobras has set its April oil production at 2.07 million barrels per day (bpd), after having reduced production by 200,000 bpd in the past two weeks in response to the low oil prices, Brazil’s state-owned oil firm said in a securities filing on Tuesday. “The company continues monitoring the market and, if necessary, will make new adjustments always ensuring safety conditions for people, operations and processes,” said Petrobras, the largest producer in the South American country, which not part of the OPEC+ group. At the end of March, Petrobras—like many major oil firms—announced reductions in capital spending and production guidance due to the oil price crash and the collapse in global oil demand in the coronavirus pandemic. Petrobras slashed its planned investments for 2020 to US$8.5 billion from US$12 billion and mothballed operating platforms in the shallow-water fields with higher lifting costs per barrel that had turned cash-flow negative […]