Brazilian oil production rose 0.7 per cent in May, state-owned group Petrobras has announced.

In a statement, the company reported that this amounts to an increase of around 14,000 barrels of oil per day over April output volumes, taking the country to near record output levels once more.

Brazil's public revenue generating capacity has been hurt considerably by the economic downturn because of the costs associated with bringing its ultra-deep pre-salt oil to market.

Earlier this year, Petrobras announced that it would be spending $174 billion in exploration and production up to 2013 as it anticipates a sharp uptick in demand once economic conditions improve.

The company will also be investing in training programmes to be administered at its two training centre in Rio de Janeiro and Salvador.

"Funds for the training of company employees are made available for those fields of learning regarded as a top priority for the growth of the company," the company states.

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