"Even though in Europe, Japan and the United States we have a reduction in consumption of oil products we have an increase in cponsumtpion in China, India, Brazil and other Latin American countries and Africa," the head of the Brazilian oil giant told Reuters Insider television.

"I think that the price is going to be between $105 and $125 during 2012," he said.

Gabrielli is due to step down next month and be succeeded by veteran engineer Maria das Gracas Foster.

Thanks to newly discovered reserves off Brazil's southern coast, the company hopes to more than double its worldwide output to 6.42 million barrels of oil equivalent a day by 2020, putting it among the world's top producers.