Petrobras: Oil prices unlikely to hit US$100 per barrel again

Rio de Janeiro

IT'S unlikely that oil prices will ever return to US$100 a barrel and Petroleo Brasileiro SA needs to work with suppliers to manage the price rout, an executive at the state-run oil producer said on Tuesday.

"We were all surfing the great wave of US$100 a barrel," said Cristina Pinto, the company's executive manager for exploration and production. "It won't get to US$100 again. If it gets to US$70, we'll be happy."