Petrobras Says it Was Not Prepared for 'Brusque' Drop in Oil Prices

Brazil's state-run oil firm Petroleo Brasileiro SA, and the Brazilian oil industry, were not prepared for "such a brusque fall" in petroleum prices, the company's manager of exploration and production Cristina Pinho said at an event in Rio de Janeiro on Tuesday.

 

He also called on the Brazilian oil industry as a whole to work together to over come the current crisis sparked by low crude prices.