Petrobras CEO - on the economic slowdown

18 Oct 2011 CNBC
Jose Gabrielli is CEO, Petrobras.


We don't really see a drop in global demand. We are going to see slow growth of demand but still positive growth. As a result of that we cannot see any fundamentals that will give reduction of prices. Because most of the new demand comes from emerging countries, China and Brazil. They continue to grow.

We work with a range of price between 85 dollars and 95 dollars. Our breakeven cost is below 45 dollars a barrel.

Petrobras is going to invest 224.47 billion dollars.


[On Middle east instability]

I don't think that is a problem. Middle East has invested in the past, why won't they invest in the future? The oil industry for 150 years is associated with geo-political instability. It is nothing new.

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