Tue 17 Mar 2009 11:10

Oil at $40-$50 in 2009, says Petrobras CEO


Chief Executive says he expects crude to remain in the $40-$50 per barrel range this year.

The Chief Executive Officer of Brazil's state-owned oil company Petroleo Brasileiro (Petrobras) S.A. has said that he expects the price of crude oil to remain between $40 and $50 per barrel during the course of 2009, Reuters reports.

Speaking to reporters at a Brazilian investment conference in New York, Jose Sergio Gabrielli said "I see it in that range this year."

Gabrielli also told reporters that Brazilian oil demand had begun to recover during the first quarter of 2009 despite the global economic downturn, which led to a 3.6 percent GDP decrease in the last quarter of 2008.

"Even the fall in demand during the last quarter of 2008 was within a range we could expect for that season," Gabrielli said.

The Petrobras CEO said that he expected global oil demand to average at around 85 million barrels per day this year.
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