The oil market is expected to continue its upward trend, but trading will be volatile, CEO of Brazilian oil giant Petrobras, Jose Sergio Gabrielli de Azevedo, told CNBC.
"What we see right now is the price is the average that we thought it would be; I think we will continue to lead with continued volatility in the price of oil but at higher levels than before," Azevedo said.
While he does not expect prices to hit the peak reached in 2008, he believes the market will be supported by robust demand.
"By 2030 we will need between 65 and 70 million barrels of additional production to keep that demand, and to keep that current production requires you add new barrels in very large amounts from now to 2030," he said.
The state-controlled oil producer, sold $4 billion of 10- and 30- year bonds last week to repay a bridge loan. The company tapped international credit markets for the third time this year as a recovery in Latin America’s biggest economy has boosted demand for the securities.