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Brazil's Petrobras fails to meet output target

Brazil's state-run oil company says it failed to reach its year-end production target even though its daily oil output increased 5.3 percent in 2014.

The oil firm Petrobras said in a statement late Monday that last year's daily output was about 2 million barrels compared with 1.9 million barrels in 2013.

In November, the company reduced its 2014 production increase projections from 7.5 percent to between 5.5 and 6 percent because of delays in the construction and delivery of offshore platforms, licensing processes and the connection of some wells.

The reduced output figures come amid a probe by prosecutors into allegations of the company's alleged involvement in a multibillion dollar kickback, inflated contracts and bribery scheme.

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