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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (8465)	8/21/2008 6:42:23 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 24246

Petrobras Will `Need a Miracle' to Hit Output Target, Itau Says By Paulo Winterstein Aug. 20 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, will ``need a miracle'' to meet its forecast for production this year, Itau Corretora said, citing July results that ``continue to disappoint.'' Petrobras, as the Rio de Janeiro-based company is known, produced 1.87 million barrels of crude oil and natural-gas liquids per day in Brazil in July, almost unchanged from June, according to data posted on the company's Web site yesterday. ``As the year goes on, the closer we are to seeing another year of production performance lagging behind expectations,'' analyst Paula Kovarsky wrote in a note to investors. ``We probably need a miracle here to meet our target or Petrobras's new guidance figures'' of 1.95 million barrels per day, she wrote. To contact the reporter on this story: Paulo Winterstein in Sao Paulo at pwinterstein@bloomberg.net. bloomberg.com