NEW YORK (TheStreet) -- Shares of Petrobars (PBR) - Get Report are climbing, up 3.31% to $5.78 in late morning trading Monday, as oil prices turn green, bouncing back from losses earlier in the day following comments made by Saudi oil minister Ali al Naimi.

Earlier today, oil prices briefly fell after Saudi Arabia said it was pumping close to a record high of 10 million barrels per day, according to Reuters.

Saudi Arabia insisted that it would only consider lowering oil production if other producers outside of the Organization of Petroleum Exporting Countries cut production, Reuters added.

Last week, oil prices rose following German Chancellor Angela Merkel's upbeat comments about Greece, giving the euro a boost against the dollar, Reuters reported.

A weaker dollar makes oil more attractive, causing the rally in oil prices,Reuters noted.

Brent crude futures for May delivery was trading up 0.7% to $55.71 a barrel as of 11:33 a.m. ET today, while WTI crude for May delivery was also up 0.9% to $46.99 a barrel.

Brazil-based Petrobras is an integrated oil and gas company, engaged in the research, extraction, refining, processing, trade and transport of oil from wells, shale and other rocks.

Insight from TheStreet's Research Team:

Jim Cramer commented on Petrobras in a recent post on RealMoney.com. Here is what Cramer had to say about the stock:

If you are sweating out American jobs because of this oil decline, forget about it. The unemployment rate is spiking in Williston, N.D., and in the twin cities of Midland and Odessa, Texas, but there's been a surprising lack of a fall-off in employment even in Houston.

If you are worried about lower oil and high-yield U.S. oil debt, you are fretting too much because a gigantic amount of private-equity money is waiting to pounce.

If you are worried about Brazilian oil giant Petrobras (PBR) and its $170 billion in debt, I have this to say: You are right to be worried.

This is my biggest fear. I think there are bond houses in this country sitting with this stuff and hoping oil goes up, because they look every day at PBR's stock and shudder and sputter and think, "Our goose is cooked if this thing doesn't start going up."

I wish I had an answer. I believe that debt is worth something, but given the corruption scandal and investigation, and the cloudy financials, who the heck can tell?

(TheDeal has a great story on this that notes the real is down 16% this year.)

Put PBR on your screen. This once-$350-billion company seems to be sinking toward oblivion. If that amount of debt collapses all at once, the redemptions for these funds sitting with the paper will be horrific.

Ultimately, I think the damage will be contained; however, I still haven't read a word in the mainstream press about how bad this is or seen an article about which firms in this country reached, incorrectly, for that nice fat yield.

Petrobras is a worry -- a real worry.

- Jim Cramer, 'Petrobras Is a Real Worry' originally published 3/13/2015 on RealMoney.com.

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Separately, TheStreet Ratings team rates PETROLEO BRASILEIRO SA- PETR as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate PETROLEO BRASILEIRO SA- PETR (PBR) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and poor profit margins." You can view the full analysis from the report here: PBR Ratings Report