• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 2 hours Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 2 days Iran Captures British Tanker sailing through Straits of Hormuz
  • 2 hours Renewables provided only about 4% of total global energy needs in 2018
  • 2 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 21 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 2 days Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 3 days Today in Energy
  • 7 hours Shale Oil will it self destruct?
  • 3 hours So You Think We’re Reducing Fossil Fuel? — Think Again
  • 3 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 4 hours N.Y. Governor Signs Climate Bill
  • 1 day Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 13 hours U.S. Administration Moves To End Asylum Protections For Central Americans

Brazilian Markets Cheer New Far-Right President Bolsonaro

Bolsonaro

Right-wing candidate Jair Bolsonaro won the presidential run-off election in Brazil in an expected win over the leftist candidate on Sunday, due to the dissatisfaction of Brazilian voters with corruption and crime and the huge graft scandal at oil firm Petrobras that took place under the rule of the leftists who were in power for most of the past decade and a half.

Markets cheered the election outcome, and shares in Petrobras were up more than 7 percent in pre-trading hours on Monday.  

Bolsonaro is promising a major change of course in Brazil, saying in his acceptance address that “We cannot continue flirting with socialism, communism, populism and leftist extremism.”

According to Kenneth Rapoza, Senior Contributor at Forbes, the presidential election was only Bolsonaro’s to lose, and the Petrobras bribery scandal contributed a lot to Brazilian voters not backing centrist candidates in the race.

Before the run-off on Sunday, the oil industry was cautiously optimistic, expecting that Bolsonaro would keep the current favorable environment for investments in oil and gas in Brazil, according to S&P Global Platts.

“Bolsonaro represents the current, favorable status quo although there could be some hiccups,” an oil industry executive recently told S&P Global Platts.

In September, in the last oil auction for Brazil’s coveted pre-salt layer before the elections, Chevron and Shell led Big Oil’s big bets on the offshore blocks up for grabs.

Bolsonaro has said that he would favor a market-friendly approach and analysts expect him to continue with the policies that have managed to attract big bets from Big Oil in Brazil’s offshore over the past two years. One concern, Platts notes, is that the president-elect is reportedly considering naming a general as chief executive at Petrobras. Bolsonaro has also been critical of Chinese investments in Brazil, while CNPC and CNOOC are partners in the Libra field, and CNPC has just signed an agreement with a CNPC subsidiary to carry out a feasibility study to assess the investment case for the COMPERJ refinery in Brazil.  

On the other hand, Bolsonaro supports the divestment plan of Petrobras.

By Tsvetana Paraskova 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
Download on the App Store Get it on Google Play