With US Shale production surging, and now Brazil declining Saudi Arabia’s request to cut production, doubts are continuing to rise over OPEC’s deal and the hopes for balance in the energy markets.
As Bloomberg reporets, Brazil Energy Minister Fernando Coelho Filho said during an in interview in Davos…
- Petrobras can’t reduce output after corruption scandal and drop in international oil prices.
- The company had already cut 2020 output target to 2.7 million b/d from more than 4 million b/d.
- “Petrobras is coming now from a very difficult period. They can’t reduce production now. We’re trying to put the company back on its feet”
- The Brazilian governmentt “has a lot of power on Petrobras,” but president Michel Temer gave Petrobras CEO Pedro Parente independence.
- “Petrobras will do what they think is necessary to be done”
And oil prices are tumbling…
And that is weighing on stocks…
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