Petrobras 2Q Results Beat Estimates.

BLOOMBERG.

Petrobras is hoping to cut costs for equipment by as much as 40 percent after oil prices more than halved from a record $147.27 a barrel in July 2008.

Already, the cost of goods sold fell about 28 percent to 24.6 billion reais in the quarter as Petrobras chief Sergio Gabrielli said this year he wants to ”squeeze” suppliers.