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Brazil's New President Is Unlikely To Undermine The Country’s Oil Industry | OilPrice.com

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When Lula won the Presidential election in Brazil, the share price of state oil giant Petrobras fell significantly due to fears that the new government might undermine its performance.

- Nov 02, 2022, 9:08 AM CDT

While the new president may attempt to strengthen government controls over Petrobras, he doesn’t have the congressional majority to implement sweeping changes.This September, Brazil saw record oil and gas production in addition to more promising discoveries being made this year. State-owned oil firm Petrobras appears to be going from strength to strength.

There are high hopes for Petrobras, which already dominates Brazil’s oil and gas industry. The firm’s shares are cheap and were viewed as having the potential to rise following last week’s presidential election. If the international price parity policy remains in place, local hedge fund Legacy Capitalthat Petrobras stocks will rise, even if Lula interferes more in the oil company’s business.

Lula has repeatedly pledged to protect the Amazon Rainforest, unlike his predecessor, which could have a knock-on effect on the country’s energy industry. An oil and gas analyst at Fitch Solutions, Dominika Rzechorzek,that Lula’s win could affect the “functioning of national oil company Petrobras,” and “as a key implication, we expect Lula to strengthen government control over Petrobras. During his campaign, Lula has been vocal about the benefit of state ownership of strategic energy assets.

 

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Are you sure it doesn’t have anything to do with bio-content, performance data and public perception? “So, it was a sizeable undertaking to make sure that we really developed that fuel and… shouldn't be underestimated how much work that took”

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Brazil's New President Is Unlikely To Undermine The Country’s Oil Industry | OilPrice.comWhen Lula won the Presidential election in Brazil, the share price of state oil giant Petrobras fell significantly due to fears that the new government might undermine its performance. Are you sure it doesn’t have anything to do with bio-content, performance data and public perception? “So, it was a sizeable undertaking to make sure that we really developed that fuel and… shouldn't be underestimated how much work that took”
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