Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 104

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 104
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 cut, were not sufficient to counterbalance the decline.
 At the end of the third quarter of 2024, the announcement of economic stimulus measures by the Chinese government and the escalation of hostilities between Israel and Hezbollah in Lebanon contributed to a slight recovery in prices.
 Brent also declined in the fourth quarter of 2024, closing the year with an average of US$80.8/bbl, a decline of 2% compared to the US$82.6/bbl average of 2023. In the last quarter, concerns over the economy and demand continued to influence prices, while geopolitical tensions, although still present, were not sufficient to support them.
  
Annual Report and Form 20-F 2024 |

The last quarter of 2024 started with an upward trend due to fears of a possible attack on Iranian oil and gas infrastructure by Israeli forces. However, this trend was halted by the progress in negotiation talks between Israel and Hezbollah, along with the return of Libyan production and worries regarding the dynamics of the Chinese economy.
 In the U.S., Donald Trump’s election raised concerns about the potential effects on the market from an increase in sanctions on Iran and Venezuela, as well as the impact of his tariff policies and trade disputes on oil demand.
 At the end of the fourth quarter of 2024, expectations for the announcement of economic stimulus measures by the Chinese government and increasing geopolitical tensions in the Middle East and Eastern Europe contributed to a slight recovery in prices.
 Considering signs of a weakened market, with analysts indicating the possibility of an oversupply in the first quarter of 2025, OPEC+ postponed the gradual return of its production twice during the period. According to the latest schedule, this return will begin in March 2025, but at a slower pace than originally planned.
 
<{self.tag} alt="{self.alt}" src="{self.src}">BRENT – DAILY CRUDE OIL PRICE (US$/bbl)
  Source: Bloomberg, 2024
 
The Russia-Ukraine conflict, which has reduced Russian gas exports, has exerted intense pressure on the LNG market, affecting gas prices not only in Europe, but throughout the world. After reaching record levels in natural gas prices in Europe and on the LNG spot market in Asia in 2022, prices have been lower since 2023, although they remain at historically high levels. The relief in prices was a result of a sharp reduction in demand, driven by market response to high prices and milder temperatures in the winter of 2022-