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Brazil's Petrobras has shifted its fuel supply strategy and will offer additional fuel volumes to distributors for April deliveries, the state-run oil company told Reuters on Thursday.
Brazilian state-run oil company Petrobras said on Thursday it has made a new discovery of "high-quality" oil in the pre-salt area of the Campos Basin.
The head of the Brazilian oil company Petrobras, Magda Chambriard, will visit Mexico in April to discuss a proposed partnership with Mexico's state-run oil firm Pemex, Mexican President Claudia Sheinbaum said on Tuesday.
Brazil's Petrobras will hold off on raising diesel prices in the short term, three sources told Reuters, as the state-run oil firm sticks with its strategy of not passing swings in prices abroad on to local consumers.
Brazilian President Luiz Inacio Lula da Silva said on Friday that state-run oil company Petrobras will seek to buy back a refinery in Bahia state that was sold to Abu Dhabi's sovereign fund Mubadala in 2021, under his predecessor Jair Bolsonaro.
Brazilian oil regulator ANP will tell state-run oil firm Petrobras to supply the diesel and gasoline volumes that the company would have auctioned this week in deals later canceled, it said on Thursday.
Petrobras is upgraded to buy, driven by deep undervaluation, robust FCF, and resilient asset quality despite persistent government intervention risks. PBR's five-year $109B capex plan targets peak oil production of 2.7MM bpd by 2028 and >3.4MM bpd by 2029, with significant expansion in refining and low-carbon fuels. Valuation remains compelling: P/E GAAP at 5.59, EV/EBITDA at 4.89, and FCF yield at 14.5%, even after a 68% share price rally.
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