Petrobras lowers 2014 oil production growth target amid probe

RIO DE JANEIRO (Bloomberg) -- Petroleo Brasileiro SA, the Brazilian oil company that delayed an earnings report amid a corruption investigation, cut its 2014 output growth target because of delays in securing platforms and licenses. Production in Brazil will increase 5.5% to 6% this year, the Rio de Janeiro-based company known as Petrobras, said in a presentation on its website. That’s below the 7.5% annual output rise previously targeted by the company. The prior forecast allowed for 1 percentage point deviation above or below the goal.

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