Petrobras (PBR) Confirms Brazil's OPEC+ Entry, Maintains Output [Yahoo! Finance]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
Company Research
Source: Yahoo! Finance
Notably, the country's position as an observer exempts it from production quotas, a crucial consideration for Petrobras, as emphasized by CEO Jean Paul Prates. A Paradigm Shift in Energy Strategy Petrobras' decision to join OPEC+ stems from a desire to collaborate on energy transition initiatives. Prates acknowledges OPEC+'s diverse membership, comprising both voting and non-voting participants, with Brazil falling into the latter category. He firmly asserts Petrobras' commitment to maintaining its status as a publicly traded company, highlighting the incompatibility with production quotas. Brazil's Stance on Production Quotas "We would never join an organization that imposes production quotas on Brazil," Prates affirms. This bold declaration underlines Petrobras' dedication to its shareholders and its resistance to external limitations on its production capacity. As a non-voting member, Brazil aims to contribute to discussions and leverage insights from OPEC+ without being bo
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