Petrobras sees third year of losses

Brazil’s national oil company Petrobras registered a loss of 14.82 billion reais ($4.94 billion) in 2016, its third straight year of negative growth, the group announced on Tuesday. The performance was less severe than the 34.846 billion reais loss the company recorded in 2015. Despite the negative result, Petrobras closed the fourth quarter with a net profit of 2.51 billion reais, which was far from enough to stem the flow of losses accumulated over the whole year.