Petrobras in Brazil is boosting oil production, leaving refinery plans in the middle of the upstream push

On Wednesday, Brazilian state-run oil company Petrobras announced another major production increase after officially scuttling a refining venture outside Rio de Janeiro, reflecting its laser-like focus on offshore oil exploration and production.

Petrobras Exploration and Production Manager Carlos Alberto de Oliveira said at a breakfast with journalists that the firm will deliver more than 2.7 million barrels of oil equivalent per day....