Petroleo Brasileiro (PBR), or Petrobras, is resuming production at the Cidade de Angra dos Reis floating production vessel, located in the Tupi oil field offshore Brazil, Bloomberg reported Monday, citing the company's response to emailed questions.

The oil giant had completed the work requested by Brazil's oil regulator after the vessel was shut down in February due to safety concerns, according to the report.

The extra production from the field could further weaken the outlook for oil prices and amplify a projected oil glut later in the year, Bloomberg said.

Petrobras did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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