As of around 12:30 p.m., Petrobras’ common stock was down 2.80% and its preferred stock was down 2.14%. Pressure comes from playing a role ibo vespafell by 0.43% to 157,069 points. At the same time, Brent crude oil prices fell by 2.72% to USD 63.73.
Amid this scenario of falling oil prices, Citi assesses that Petrobras’ outlook for the coming quarters remains cautious despite the expected production increase. The bank highlighted in its report that the free cash flow generated by shareholders on a regular basis tends to be lower than the amount of declared dividends.
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