Petrobras faces another period of uncertainty
Investors are wary about government intervention as the NOC welcomes its latest CEO
Barely more than three months since Brazil’s elections it is, once again, all change at the top for state energy giant Petrobras. Former president Jair Bolsonaro may have burned through four CEOs in as many years, but returning President Lula da Silva has been quick to appoint his own political ally to the hotseat. And oil market watchers must weigh up the implications. Key priorities for the state-run company’s new top man include boosting the upstream business, in which it has already committed billions this year, a reluctance to shed some of its refining operations and keep Petrobras as a fully integrated business, and moves to curb inflation by delinking domestic fuel prices from global

Also in this section
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand