Petroleo Brasileiro S/A ADR (PBR) News
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PBR News Highlights
- PBR's 30 day story count now stands at 22.
- Over the past 26 days, the trend for PBR's stories per day has been choppy and unclear. It has oscillated between 1 and 5.
- The most mentioned tickers in articles about PBR are BATRA, NOV and BAND.
Latest PBR News From Around the Web
Below are the latest news stories about PETROBRAS - PETROLEO BRASILEIRO that investors may wish to consider to help them evaluate PBR as an investment opportunity.
Petrobras (PBR) CEO confirms Brazil's joining OPEC+ as an observer, highlighting collaboration on energy transition without production quotas and seeking an extension for asset sale terms renegotiation.
Brazil will never join the OPEC+ group of oil-producing nations as a full member and instead only seeks to participate as an observer, Brazilian President Luiz Inacio Lula da Silva said on Sunday. Lula's remarks to reporters at the U.N. COP28 climate summit in Dubai clarified his statements a day earlier that Brazil would "participate" in OPEC+. "Brazil should join OPEC+, it could be an observer," Lula said on Sunday.
What does Brazil joining OPEC+ mean for investors?
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Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part in the group's coordinated output caps, the chief executive of state-run oil firm Petrobras told Reuters. The group's surprising announcement on Thursday that the South American nation would join it raised immediate questions on whether Brazil would take part in the production caps, as OPEC+ nations agreed to voluntary cuts approaching 2 million barrels per day (bpd) for early next year. "There is no quota," Jean Paul Prates said in an interview.
Oil prices slipped Thursday on news OPEC and its allies decided to deepen production cuts through the first quarter of 2024. Although the move would normally be seen as bullish, Brent crude, the international benchmark, fell 0.3% to $82.83 per barrel. Rumors of deeper production cuts before the meeting had caused prices to rise, but the reality of the cuts was underwhelming.
Brazil hopes to join the OPEC+ group of oil-producing countries in January after a technical analysis of the charter for cooperation, the country's energy minister said on Thursday, although the nature of Brazil's participation remained unclear. President Luiz Inacio Lula da Silva's office confirmed receiving the invite during his trip to Saudi Arabia, but said he had not formally responded. The president's office and the Mines and Energy Ministry did not say whether Brazil would participate as an OPEC+ observer or as a full participant in the group's shared production quotas.
Petrobras, Shell, TechnipFMC and Northern Oil and Gas are included in this Analyst Blog.
Find insights on the expansion of renewable energy in the U.S., nuclear tax credits, Capital Power, and more in the latest Market Talks covering Energy and Utilities.
* Agrentina's Milei taps ex-central banker Caputo * Petrobras down on renegotiation of refinery sales pact * EM FX index touches 18-month high * Latam Stocks down 0.4%, FX off 0.5% (Updated at 3 ET/2000 GMT) By Shubham Batra and Lisa Pauline Mattackal Nov 29 (Reuters) - Latin American stocks and currencies dipped on Wednesday as investors turned cautious after a rise in the U.S. dollar, with MSCI's gauge of the region's currencies down 0.5% and set to log its worst day in three weeks. Emerging market currencies came under pressure as the U.S. dollar rallied off its lowest level in more than three months after data showed the U.S. economy expanded faster than expectedin the third quarter.