Petrobras CEO Prates Says Yemen Crisis Could Send Oil Above $90
- Brazilian oil major isn’t exposed to Gulf shipping disruptions
- ‘We don’t use the Suez Canal, we don’t use the Gulf so much’
Jean Paul Prates speaks during a Bloomberg TV interview on Jan. 29.
Source: Bloomberg
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Oil prices could top $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 SA.
“We have a very fragile neck there for the oil and gas business,” Chief Executive Officer 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.”