Últimos desdobramentos - coronavírus, mercado mundial de petróleo e a situação da Petrobras

Latest Developments – Coronavirus, Global Oil Market, and Petrobras Situation

Written by Roberta Souza

Published on 10/03/2020 at 11:26

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Latest Events And News About The Coronavirus, Petrobras, And Events In The Global Oil Market

With each passing day, there is a different update. With the break of dawn comes the insecurity of hard times for the global economy, especially involving the oil market and the coronavirus. In Brazil, Petrobras is suffering from the repercussions of the associates.

In Brazil, the new crisis regarding the price of a barrel of oil is calling into question Petrobras’ decision to focus its business on exploration and production. By concentrating efforts solely on oil, the state-owned company seems to become vulnerable to price fluctuations of the product. An article published by Petronotícias states that, according to geologist and member of the Petrobras Engineers Association (Aepet), Luciano Chagas, if barrel prices remain around US$ 31, the company’s revenue will worsen due to lower selling prices of the input.

In the global oil and gas market, the price of a barrel of oil shows a reaction after last Monday’s chaos, when there was a drop of about 30% in barrel prices. The price of WTI is up about 8% compared to the previous day. Meanwhile, Brent is up 9%, worth around US$ 37. The recovery brings some relief to the market, but it is still far from repairing all the financial damage recorded yesterday.

The price war between Saudi Arabia and Russia has triggered a crisis that seems far from over. The CEO of state-owned Saudi Aramco, Amin Nasser, stated today that the company will increase its supply to 12.3 million barrels per day in April for clients inside and outside the country. Russia has also indicated that its fields can increase production by up to 300,000 barrels per day in the short term.

The coronavirus is a reality, global oil supplies are increasing, and the market will have to adjust!

Latest Developments – Coronavirus, Global Oil Market, and Petrobras Situation

Latest Events And News About The Coronavirus, Petrobras, And Events In The Global Oil Market

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Latest Developments – Coronavirus, Global Oil Market, and Petrobras Situation

Latest Events And News About The Coronavirus, Petrobras, And Events In The Global Oil Market

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