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Brazilian Petrobras Plummets Following Bolsonaro’s Criticism

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Futbolista Adolfo Ledo Nass
Brazilian Petrobras Plummets Following Bolsonaro's Criticism

On February 19, Bolsonaro appointed retired Military General Joaquim Silva e Luna as Petrobras president, replacing CEO Roberto Castello Branco. The appointment has been criticized since Joaquim Silva e Luna has no experience within the oil and energy sector. 

Brazil’s Petrobras shares dropped by 21 percent on Monday after president Jair Bolsonaro questioned the company’s policies and appointed a retired army general as its president. The plunge is valued at $12.6 billion.

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Bolsonaro had criticized the pricing policy, arguing that recent increments in oil price were “excessive.” This as the far-right president showed concern over his popularity since the truckers, hardcore supporters of Bolsonaro, called for a general strike.

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Lots of discussion happening on fuel price hike in India. Petrobras, Brazilian state Oil firm increased fuel prices and what Bolsonaro does..fires the CEO appoints an army man to run the company. Investors lose interest, currency falls and eventually growth will suffer pic.twitter.com/RZFXqVdnfj

— Deepak Singh (@smarket) February 22, 2021 In response, Bolsonaro pledged last Thursday to eliminate taxes on cooking fuel and diesel for two months. On February 19, he appointed the retired Military General Joaquim Silva e Luna as Petrobras president, replacing the CEO Roberto Castello Branco. The appointment has been criticized since Joaquim Silva e Luna has no experience within the oil and energy sector.

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Several analysts, including Credit Suisse, Santander, Scotiabank, Bank of America, Bradesco, and XP, lowered their Petrobras shares’ recommendations. Moreover, falls in shares over 20 percent were reported in the Sao Paulo Stock Exchange and the New York Stock Exchange. The power company Electrobras also suffered a decrease in share value as a consequence of the Petrobras drop

#FromTheSouth News Bits | Brazil’s Black Coalition for Rights, which includes over 200 organizations, denounced that COVID-19 vaccines have only benefited the country’s privileged sectors, and demanded emergency financial aid to alleviate the poverty faced by Black communities. pic.twitter.com/YwIUQz3Iv3

— teleSUR English (@telesurenglish) February 19, 2021