Brazil's state-run oil company Petroleo Brasileiro SA Chief Executive Officer Pedro Parente attends an economics and politics forum in Sao Paulo, Brazil, September 30, 2016. REUTERS/Paulo Whitaker

SAO PAULO (Reuters) - Pedro Parente, the chief executive of Brazil’s state-run oil company Petroleo Brasileiro SA, said on Friday that the recent OPEC deal to limit production could be offset by increases in U.S. shale oil output.

He said that oil prices could return to a range between $40 and $50 a barrel, depending on the response of the U.S. shale oil industry.