RIO DE JANEIRO (Reuters) -Brazilian state-run oil firm Petrobras’ five-year investment plan will see its first cut under President Luiz Inacio Lula da Silva’s government due to lower oil prices, three sources familiar with the matter told Reuters.

The new plan, to be unveiled on Thursday, is set to have a capital expenditure about 2% lower than the previous $111 billion plan for the 2025-2029 period, dropping to around $109 billion, the sources said, adding that a final decision is still set to be made by the board.

This would be the first drop since the plan for the 2021-2025 period under former President Jair Bolsonaro’s administration, when Petrobras was undergoing a series of divestments.

Since taking office, Lula has pushed the oil firm to invest more in order to boost the country’

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