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Petrobas Expect Oil in $70/bbl to $90/bbl Range This Year

OIL

Oil price should continue trading between $70/bbl and $90/bbl this year but could rise above the range if tensions in the Red Sea region escalate, according to Jean Paul Prates, CEO of Petroleo Brasileiro SA.

  • Brazil’s Petrobras hasn’t been affected by the attacks because it doesn’t ship much oil through the Gulf, Prates said.
  • Brazil will help mediate the border dispute between Venezuela and Guyana and Petrobras could invest in oil projects in either country, Prates said.
  • Brazil is not going to participate in OPEC quotas, he added.

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