RIO DE JANEIRO, BRAZIL - In a statement to shareholders, the Brazilian state-owned oil company said that production in the pre-salt (a coastal offshore area where the country's largest oil and gas reserves are located) in August was as high as 2.2 million barrels.

According to the company, this result represents a new record.

Petrobras' high production signals a positive moment for the oil sector, which also registered positive results in July.

The National Petroleum Agency (ANP), the government's regulatory body, reported last Monday that the country's oil production in July was 2.775 million . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed? Login Here