International Oil Prices Rise 13% with Record Cut in Production, but Petrobras Holds Prices

Internal assessment is that the company must wait out the international market volatility

São Paulo and Rio de Janeiro

The biggest cut in global oil production in history has led international prices to rise 13% in just one day, the highest in 11 years. Petrobras, however, has decided not to move fuel prices for now, on the grounds that the scenario is still very volatile.

A logo of the Brazil's state-run Petrobras oil company is seen in Rio de Janeiro. REUTERS/Sergio Moraes/File Photo/File Photo - REUTERS

The company's shares have benefited from the stock exchange, but analysts see the scenario as a test of its fuel price policy, which provides for the follow-up of international oil prices.

The cut of 5.7 million barrels was triggered by attacks on Saturday (14) on oil facilities in Saudi Arabia, the world's second largest producer. The attacks were claimed by rebel groups in Yemen, but the United States accuses Iran.

Translated by Kiratiana Freelon

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