The organization approved a 4.5% cut starting January 2017. The commodity prices climbed by around 8% in the United States and London.
Oil and Gas
Throughout the next four years, the amount will be directed to projects the company already has a stake in.
The state-owned oil company shipped 89 million tons of oil equivalent until the end of October, up 9% over the same period of 2015.
The Brazilian and French oil companies signed on to a memorandum of understanding for exploration and production of gas and energy.
The bank revised up from USD 53 to USD 55 its forecast on the average price per barrel for next year. The price of commodities in general should go up.
Prices will be down 3.2% for wholesale gasoline and 2.7% for diesel. Whether or not consumers will pay less for their fuel will be up to the retailers.
Brazil produced 3.3 million barrels of oil equivalent per day in August and surpassed record mark for the third consecutive month.
Márcio Félix, a secretary to the Brazilian Ministry of Mines and energy, spoke for the admission of partners to explore areas under concession since 2010 to the state-run oil company Petrobras.
The state-owned company will sell a 90% stake of a 2,000 km gas pipeline network to Brookfield for USD 5.2 billion.
State-owned company reveals plans to invest USD 74.1 billion in the next five years, a lower figure than the one from the previous business plan.
According to the Brazilian minister of Mines and Energy, the federal government should auction old onshore fields in February and halfway through the first half of next year.
The International Energy Agency slashed its consumption growth forecast for this year by 100,000 barrels per day and sees an even weaker expansion in 2017.