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On Thursday (2), Petrobras stocks are trading sharply higher, riding the wave of soaring oil prices after U.S. President Donald Trump stated he expects an agreement between Saudi Arabia and Russia. Today, the state-owned company’s shares reached their highest price level in almost a month. Amid this crisis, the state-owned company announced yesterday that it will extend salaries and cut production to 200 thousand barrels per day.
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At around 12:15 PM, Petrobras’ ON shares surged 16.12%, to R$ 16.50 — the highest prices since early March, when markets were already feeling the impacts of the coronavirus outbreak.
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The strengthening of Petrobras shares occurred alongside the surge in oil: at the moment, Brent for June is up 20.57%, at US$ 29.85 per barrel, while WTI for May rises 24.82%, at US$ 25.46.
The information provided by the American president, with a concrete figure for production cuts, caused oil prices to soar and buoyed global markets, which are now firmly in positive territory. Here, the Ibovespa gained momentum and is up more than 3%.
Although the 20% surge in the price of thecommodity is significant, it is worth noting that price levels are still relatively low, in the range of US$ 25 to US$ 30 per barrel — in April of last year, oil was traded at around US$ 60 to US$ 70 per barrel.
Trump also stated that he invited executives from the oil industry to the White House to discuss ways to help the sector, impacted by the drop in energy demand amid the coronavirus pandemic and the price war between the Russians and Saudis.
And, at around 11:30 AM, Trump addressed the issue again, this time via Twitter. And this time, he was even more emphatic in his statements:
Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!
— Donald J. Trump (@realDonaldTrump) April 2, 2020
