Brazil’s state-controlled oil company, Petrobras, has hedged a portion of its 2018 oil production. The move should protect cash flow against downturns in the marketplace. Bloomberg reported that the company hedged 128 MMBbls, or 350,685 BOPD at an average Brent price of $65/bbl. The average cost, a company filing on Wednesday said, is about $3.48 a barrel.

Petrobras has become more dependent on worldwide prices recently, abandoning a policy of domestic fuel price fixing – it now prices refinery-gate according to daily global benchmarks. This...


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