Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 102

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 102
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 As a result, the Executive Board of Petrobras removed TBG from the divestment portfolio.
  
Annual Report and Form 20-F 2024 |
External Business Environment
 
We are subject to external variables that can impact the performance of our business and the way we plan for the future.
 
Global Economy
 In 2024, the global economy demonstrated resilience despite facing significant challenges such as geopolitical conflicts, extreme weather events, and disruptions in supply chains. Global GDP growth is projected to be stable at 3.2%, with advanced economies experiencing a modest growth of 1.7% and emerging markets growing at a faster pace of 4.2%. Inflation rates have been declining, with global headline inflation expected to fall from 6.7% in 2023 to 5.7% in 2024.
 However, the main risks facing the global economy include elevated geopolitical tensions, particularly if conflicts in the Middle East intensify, which could disrupt oil supplies and raise global inflation. Rising trade tensions and protectionism may also disrupt supply chains, increase consumer prices, and negatively impact growth. Additionally, high public debt levels pose a risk, especially for emerging market economies and low-income countries already in debt distress. Financial vulnerabilities persist due to high debt levels, stretched asset valuations, and deteriorating credit quality of some borrowers.
 Furthermore, climate-related shocks and extreme weather events could lead to economic disruptions and inflation spikes. Lastly, there is a risk of financial market volatility and potential turbulence in capital flows or exchange rates in emerging-market economies. Overall, while the global economy has shown strength, it continues to navigate through a complex landscape of uncertainties.
<{self.tag} alt="{self.alt}" src="{self.src}">  GDP GROWTH – IMF ESTIMATES (% YoY)
    
Annual Report and Form 20-F 2024 |
Global Oil & Gas Market
 The average Brent price recorded a slight decline in the first quarter of 2024 compared to the previous quarter. However, the trend observed throughout the first quarter of 2024 was one of price recovery, which started the period at its minimum quotation in the quarter, at $77/bbl, and ended the quarter above $85/bbl.
 The movement was influenced by increased geopolitical tensions in the Middle East, where attacks by Houthi rebels from Yemen affected shipping traffic in the Red Sea while in Europe Russian refineries were targeted by incursions of Ukrainian drones.
 In addition, the decision by OPEC+ to extend its voluntary cuts of 2.