Oil Wrap: Petrobras Rises as WTI Slips, Guyana Preps 1M B/d
WTI-tracking USO fell 0.24% to US$129.70 on Friday as Hormuz talk eased risk, while Petrobras gained 1.53% on Búzios pre-salt progress. Guyana's Uaru vessel arr The post Oil Wrap: Petrobras Rises as WTI Slips, Guyana Preps 1M B/d appeared first on The Rio Times .
On Friday, August 28, crude oil prices experienced a modest decline as the USO fund, which tracks WTI futures, settled at $129.70, falling 0.24%. The drop was driven by two key factors: concerns over inflation and the possibility of improved tanker passage through the Strait of Hormuz. Brazilian oil giant Petrobras defied the downward trend, gaining 1.53% to reach $18.53 following reports that its P-80 and P-82 platforms in the Búzios pre-salt field were nearing completion, adding around 450,000 barrels per day of combined capacity to its production.
Guyana's Errea Wittu floating production vessel arrived in the region on August 20-21, targeting first oil from the Uaru development in September or the fourth quarter, which would bring national production above one million barrels per day. Ecuador's Ecopetrol and Argentina's YPF both saw declines, falling 0.36% to $16.50 and 0.55% to $50.20, respectively, highlighting that regional oil stocks are influenced more by local project developments than by minor fluctuations in global crude prices.
The day's main takeaway was the decoupling of crude prices from company-specific news, with Petrobras' rise contrasting with the performance of other Latin American oil producers. The arrival of the Errea Wittu vessel in Guyana may provide a significant boost to the country's oil output and could contribute to a reduction in crude imports.
The timing of Uaru's first oil production will determine whether Guyana achieves its goal of surpassing one million barrels per day before the end of the year.
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