Continue reading this on our app for a better experience

Open in App
Home News Oil & Gas

Petrobras CEO says Yemen crisis could send oil above US$90

Bloomberg
Bloomberg • 1 min read
Petrobras CEO says Yemen crisis could send oil above US$90
Petrobras CEO Jean Paul Prates / Bloomberg
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Oil prices could top US$90 per barrel this year if attacks escalate on ships in the Red Sea, according to the top executive at Brazilian state-controlled oil giant Petroleo Brasileiro.

“We have a very fragile neck there for the oil and gas business,” CEO Jean Paul Prates said in an interview on Bloomberg TV. “Nobody was paying attention to that for decades. You have Yemen on one side and Somalia on the other.” 

Rio de Janeiro-base Petrobras hasn’t been affected by the attacks because it doesn’t ship much oil through the Gulf, Prates said. Houthi militants have been targeting merchant ships in response to the Israel-Hamas war in Gaza.

“Petrobras is pretty protected,” Prates said. “We don’t use the Suez Canal, we don’t use the Gulf so much.”

Brazil will help mediate the border dispute between Venezuela and Guyana, Prates said. Exxon Mobil Corp. has made a series of multi-billion-barrel oil discoveries in the area, and Petrobras could invest in oil projects in either country, he said.

Without any escalation, oil should continue trading between US$70 and US$90 this year, Prates said.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.