04:05 GMT +316 December 2019
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    Brazil’s Petrobras Oil Company Suffers Losses Amid Recession, Corruption

    © AP Photo / Hasan Jamali, File
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    Brazil’s state-controlled Petrobras oil company had a net loss of $360 million in the first quarter of 2016 and its sales went down 5 percent from a year ago, Bloomberg reports.

    MEXICO CITY (Sputnik) – Fuel imports decreased 17 percent from a year ago standing at 287,000 barrels a day, while domestic oil and natural gas production fell 7 percent from a year ago to 2.44 million barrels a day, Bloomberg said citing the company on Friday.

    The company has been affected by Brazil’s deep recession, as well as falling crude prices and a major corruption scandal that have all led to a rise of discontent with Brazil’s President Dilma Rousseff.

    The upper house of the Brazilian parliament voted 55-22 on Thursday to start impeachment proceedings against Rousseff, who was suspended from office for 180 days, pending the trial.

    Brazil’s Federal Police has been carrying out Operation Car Wash (Lava Jato) since 2014 in an effort to uncover money laundering schemes in the country and investigate corruption in Petrobras.

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    oil prices, Petrobras, Brazil
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