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Production in Brazil averaged 2.624 million barrels a day, gas included, up 9% from October 2015. In October from September, however, output was down 1.8%.

It was the 7th consecutive quarter-on-quarter contraction according to the Brazilian Institute of Geography and Statistics (IBGE). Brazil’s Ministry of Finance points to corporate indebtedness as the cause.

Price increase in October was 0.1%, below the 0.47% registered in September, and the 1.77% registered in October of last year. The data is from the Brazilian Institute of Geography and Statistics (IBGE).