The Brazilian energy giant Petrobras believes the Organization of the Petroleum Exporting Countries (OPEC) has no impact on the trend of oil price, Petrobras CEO Roberto Castello Branco told Sputnik on the sidelines of the CERAWeek conference on Tuesday
HOUSTON (Pakistan Point News / Sputnik - 13th March, 2019) The Brazilian energy giant Petrobras believes the Organization of the Petroleum Exporting Countries (OPEC) has no impact on the trend of oil price, Petrobras CEO Roberto Castello Branco told Sputnik on the sidelines of the CERAWeek conference on Tuesday."I think that OPEC is a group, an important producer of oil, and has continued to be that over many years," Branco said. "But, frankly, I don't think that OPEC has any impact on the trend of oil price."
On December 7, participants of the OPEC-non-OPEC 2017 oil output reduction deal agreed to reduce overall production by 1.2 million barrels per day starting in 2019, with a view of signing a charter on future long-term cooperation in the first quarter of 2019.
OPEC member states will reduce production by 800,000 barrels per day and non-OPEC countries by 400,000 barrels per day, according to the agreement.
