Petrobras’s Answer to Global Oil Glut Is Pumping Even More Crude

Brazil’s state-controlled energy company has a simple formula for steering through the current oil market glut: pump more crude.

That’s the message Petrobras Chief Executive Officer Magda Chambriard gave during a wide-ranging interview on Friday at the company’s headquarters in Rio de Janeiro. Even the producer’s least profitable projects make money as long as oil remains above $45 a barrel, so there’s no point in holding back, she said.