Petrobras has decided to cut US$11 billion in investment by the end of 2016. According to the company, the move is a response to changes in the macroeconomic situation, with the recent fall in oil prices and the increase in the value of the dollar.

The company said that the aim is to “preserve the main objectives of deleveraging and generation of value for shareholders.” Most of the cuts will come next year.

As well as the cuts to investments, the company announced a reduction of US$7 billion to the predictions for manageable costs, which exclude the purchase of raw materials, in the same period. Goals for oil production and disinvestment were maintained.

“The announcement of cuts is positive, because it takes pressure off finances in the final quarter and even more so in 2016,” said the analyst Fl├ívio Conde, from the investment site Whatscall.

“But I have doubts as to whether the disinvestment goals are feasible, because they depend on the appetite of the market,” he added.

Currently, the most advanced process of disinvestment is the sale of 49% of Gaspetro, a company that participates in distribution of piped gas. Petrobras confirmed that it is in final negotiations with the Japanese firm Mitsui.

According to the statement published on Monday (5), the oil production goals will be kept at 2.125 million barrels a day in 2015 and 2.185 million barrels a day in 2016.