Petroperu's Q1 Losses Amid Oil Price Fluctuations

Petroperu, led by Chairman Alejandro Narvaez, reported a $111 million net loss in Q1, influenced by declining oil prices. This represents an improvement from a $183 million loss in the same period last year, indicating some recovery despite ongoing challenges in the oil market.

Petroperu chairman Alejandro Narvaez announced on Wednesday that the company suffered a $111 million net loss in the first quarter of this year. The financial setback has been attributed to the falling oil prices, which have significantly impacted the oil industry.

This figure, however, marks an improvement over the previous year's first-quarter results, where the company faced a deeper loss of $183 million for the same period. The improvement suggests a gradual recovery despite the ongoing volatility in oil prices.

The news signals the challenges that oil-dependent companies like Petroperu continue to face as they navigate the unpredictable fluctuations within the global oil market.

(With inputs from agencies.)