“Oil Price is up to Petrobras,” Says Economy Minister Guedes

RIO DE JANEIRO, BRAZIL – The minister’s statement comes after the state-owned company announced that it is monitoring the product’s international market, as a result of attacks on Saudi Arabia’s refineries.

“Oil is up to Petrobras. The price of oil is up to Petrobras,” Guedes said when he arrived at the Ministry of Economy, after a meeting with President Jair Bolsonaro on Tuesday afternoon.

Soon after the air raids on the Abqaiq refinery, the Saudi Arabian government announced that its daily production has plummeted by approximately half. When markets opened, the impact of the attacks resulted in rising international oil prices.

According to Petrobras, for the time being, there are no price readjustments expected for products sold by the state-owned company, such as fuels and oil derivatives.

Also according to the company, the international price of oil is volatile and the sudden rise in prices “may be mitigated to the extent that greater clarification on the impact on world production is known. Petrobras decided to monitor the market variation in the coming days and not make any immediate adjustments”, states the note.

Source: Agência Brasil