Brazil’s oil and gas production plunged 11.95% in March to 3.68 million barrels of oil equivalent per day (boed), from a record high of 4.183 million boed in February, regulator ANP said on Monday.

The average production of oil alone in March also registered a significant drop of 12.76% compared to February, to 2.846 million barrels per day (bpd).

The sharp decline in March happened as Brazil registered record oil exports in the month, and shortly after the government announced a temporary tax on oil exports.

Average daily gas production in March came in 9.09% below the previous month’s level.
Source: Reuters (Reporting by Marta Nogueira; Writing by Peter Frontini; Editing by Brendan O’Boyle and Grant McCool)