Petrobras issues stark warning on oil
Brazilian heavyweight announces huge losses on assets it believes are no longer commercially viable
Forecasters have for years predicted a Brazilian oil boom. State firm Petrobras projected its crude production would grow rapidly to 3.5mn bl/d by 2024. With an expected average Brent price of $65/bl, the potential revenue was enormous. But the collapse of crude during the first quarter of this year, combined with the crippling impact of the Covid-19 pandemic, has meant Petrobras’ assumptions now look way off the mark. The firm has downgraded its short and long-term price guidance and warned it will take years to recover to anywhere comparable to its original Brent prediction. “We are carrying out a full review of the portfolio and believe that the recovery will be slow and plateau to $50/b
Also in this section
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
