Home Business Petrobras’ CEO: low-cost of pre-salt oil strengthens company’s position

Petrobras’ CEO: low-cost of pre-salt oil strengthens company’s position

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Brazil’s low-cost of pre-salt oil will help Petrobras compete in a tough market as it seeks to turn around its business, said its CEO Pedro Parente to CNBC’s “Squawk on the Street” on Wednesday (Nov.15). According to him, the high  productivity level  of pre-salt – that makes the cost to extract oil very low  (below $7 a barrel)– is crucial, as a boom in the U.S. shale output is upending the oil market. “Really, what we have to do to be on the winner’s side is to work on the cost and reduce our costs,” he said.

Petrobras’ CEO interview to CNBC