Recent negotiations involving leaders from OPEC nations and the United States will prove irrelevant for oil prices, which are low because of depressed demand, the chief executive of Brazil's Petrobras said on Thursday evening.
FILE PHOTO: Roberto Castello Branco, CEO of Petroleo Brasileiro S.A. , speaks during a compliance event in Rio de Janeiro, Brazil December 9, 2019. REUTERS/Sergio Moraes
RIO DE JANEIRO - Recent negotiations involving leaders from OPEC nations and the United States will prove irrelevant for oil prices, which are low because of depressed demand, the chief executive of Brazil’s Petrobras said on Thursday evening. During an online event hosted by Brazilian brokerage XP, Petrobras CEO Roberto Castello Branco said that the current dispute between Russia and Saudi Arabia shows that the Organization of the Petroleum Exporting Countries has no medium- or long-term pricing power.
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