Petrobras ADR Gains 3.2% as G7 Taps Oil Reserves | Oil Report, Oct 2
Petrobras gained 3.19% and Ecopetrol 2.03% on Friday while the WTI-tracking fund USO fell 1.77% after the G7 agreed to release up to 100 million barrels. The post Petrobras ADR Gains 3.2% as G7 Taps Oil Reserves | Oil Report, Oct 2 appeared first on The Rio Times .
On October 2, 2026, the G7 announced a plan to release up to 100 million barrels of emergency diesel and crude stocks over the next four months. This move was intended to address the refined-product shortage that had been driving up prices. The announcement led to a 1.77% drop in USO, the United States Oil Fund, which tracks WTI crude, settling at $147.37.
In Latin America, Petrobras, Ecopetrol, and YPF all rose, with Petrobras gaining 3.19% to $21.65, Ecopetrol adding 2.03% to $16.60, and YPF increasing 0.81% to $49.67. This reaction indicated that investors viewed the diesel release as a demand-preserving measure rather than a negative sign for crude prices. Petrobras' strong performance suggests that investors see the release as beneficial for demand, while Ecopetrol and YPF's gains highlight the value of their pre-salt and shale assets.
The immediate impact on fuel prices will depend on the speed at which the 100 million barrels are delivered to end users. If the release reaches the market quickly, it could lead to lower pump and industrial prices, which would further reduce crude prices. For Latin American oil producers, the medium-term outlook remains focused on their unique assets, such as Brazil's pre-salt fields, Colombia's non-OPEC supply, and Argentina's shale exports.
These factors are expected to drive their performance beyond the immediate response to the G7's release.
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