The Brazilian state-led company produced an average of 2.54 million barrels of oil equivalent per day, down 2.2% from 2.59 million boepd in 2012.
The company produced 2.61 million boepd in 2011.
December 2013 production saw an even further drop, with a loss of 4.9% compared to the year-ago period.
Petrobras cited myriad reasons for declines, including delays to first oil at the Papa Terra project in the Campos basin after the discovery of corals which prompted a new look at subsea plans from an environmental perspective.
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