X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 20 mins IS SAUDI ARABIA SENDING A MESSAGE TO BIDEN
  • 38 mins America Makes Plans to Produce Needed Rare Earth Minerals Domestically
  • 8 hours Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 3 days Here we go - again: plug-in hybrids cost motorists more than what they were told
  • 4 hours Texas Supply Chain Massacre
  • 4 days Former BP Exec "Biden not in war against oil" . . Really ?
  • 2 days Top Conservative Lawyer Says Trump Can Stand Trial
  • 2 days “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 3 days An exciting development in EV Aviation: Volocopter
Will Private Shale Firms Crush The OPEC Oil Rally?

Will Private Shale Firms Crush The OPEC Oil Rally?

The OPEC+ alliance has managed…

India: OPEC+ Decision Could Derail Oil Demand Recovery

India: OPEC+ Decision Could Derail Oil Demand Recovery

The world’s third-largest oil importer,…

Brazil President Ousts Petrobras CEO

The President of Brazil, Jair Bolsonaro, ousted Petrobras chief executive Roberto Castello Blanco, replacing him with former Defense Minister Joaquim Silva e Luna.

The move follows a spat between Bolsonaro and Castello Blanco regarding diesel prices. Petrobras and its chief executive specifically have been calling for diesel and gasoline price hikes to reflect the oil price situation on international markets. However, price hikes like that tend to spark protests, which is why Bolsonaro instituted a two-month cut in diesel price taxes starting March 1.

This happened after Petrobras announced the fourth price increase at the pump since the start of the year, setting its chief executive on a collision course with the president, prompting the latter to say last week that “something will happen at Petrobras in the coming days,” per a Reuters report. The threat followed comments made by Castello Blanco about the possibility of a truckers’ strike in response to higher prices.

Roberto Castello Blanco is the second Petrobras CEO who is kicked out of the company for his market-oriented policies. His predecessor, Pedro Parente, also wanted to bring Petrobras prices at the pump closer to international market prices, as Petrobras kept losing money from the long-standing practice of keeping prices much below international benchmarks.

This met with opposition from the Brazilian president and eventually led to Parente’s resignation in 2018. The new appointment will be the third military official at a key energy-related post, according to Reuters. The minister of mines and energy is an admiral, and so is the president of the Petrobras board of directors.

If Silva e Luna’s appointment is any indication, Brazil’s president does not want a state oil company that operates under free-market principles. While the prioritization of low gas prices for voters is understandable, however, the departure from market-oriented leadership will cost the government in lost revenues.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News