On July 8, Petrobras rose 3.34% in pre-market trading. The rally was driven by the announcement that Latin Americas two major state-owned oil giants, PEMEX and Petrobras, formally signed a cooperation agreement focused on upstream deep-sea oil and gas exploration in the Gulf of Mexico.

Under the initial terms, Petrobras will leverage its proven deep-water technical expertise to assist Mexico in accelerating development of Cantarell deep-water oil and gas resources. Analysts noted that the long-term strategic core of this partnership lies in utilizing Mexicos competitively priced imported natural gas, combined with Petrobras capital and petrochemical technology, to jointly advance midstream and downstream petrochemical and nitrogen fertilizer industrial upgrades.

Multiple tailwinds further supported sentiment. The companys CEO previously stated that oil prices have stabilized in the $72-75 per barrel range, the company has restarted investment to deepen its presence in the domestic market, and approved a $1.2 billion renewable fuels project. Additionally, the Buzios field recently achieved a record daily output of 1.2 million barrels, reinforcing operational momentum.

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