On July 9, Petrobras rose 3.07% in regular trading, extending the previous session's strong momentum on the back of a landmark partnership announcement.
On the news front, Latin America's two major state-owned oil giants, PEMEX and Petrobras, officially signed a cooperation agreement. The initial phase focuses on upstream operations, with Petrobras leveraging its deep-water technical expertise to help Mexico accelerate the development of deepwater oil and gas resources in the Gulf of Mexico. The longer-term strategic vision aims to capitalize on Mexico's competitively priced imported natural gas, combined with Petrobras's capital and petrochemical technology, to jointly advance downstream petrochemical and nitrogen fertilizer industrial upgrades.
Additionally, the company's CEO previously stated that oil prices have stabilized in the $72 to $75 per barrel range, and the company has restarted investment to deepen its focus on the domestic market while approving a $1.2 billion renewable fuels project. On the production side, Brazil's oil and gas output reached 5.6 million barrels of oil equivalent per day in May, underscoring robust fundamentals. Multiple positive catalysts converged to boost market sentiment.
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