Jair Bolsonaro fired Petrobras CEO amid oil and gas price surge


Brazilian president Jair Bolsonaro has caused great unrest in the financial markets in Brazil, by firing the CEO of state-owned oil company Petrobras. The news scared investors. They fear greater government interference in Brazilian business and restrictions on market freedom in the South American country.

Bolsonaro has appointed a former general as new director of Petrobras, out of dissatisfaction with the increase of fuel prices by the oil and gas group. Petrobras’s share plummeted 22 percent on the São Paulo Stock Exchange, also due to a series of bank write-downs. As a result of the exchange rate boom, Petrobras lost an amount of 71 billion real, or 11 billion euro, in market capitalization.

The shares of state-owned electricity company Eletrobras were also under pressure, due to concerns that Bolsonaro also wants to tackle the electricity sector. The Brazilian Bovespa hoofdindex ended Monday with a minus of 4.9 percent, the biggest decline since april last year. The value of Brazilian state loans also fell, as did the value of the country’s currency. Brazil is the largest economy in South America.

By: Abaigael Schlomski

Abaigael Schlomski is an accomplished economist and financial journalist with over a decade of experience in the industry. He is a regular contributor to EconomicInform, where he provides in-depth analysis and expert commentary on the latest economic trends and events. With a keen understanding of the financial markets and a talent for breaking down complex economic concepts for a general audience, Maurice is a trusted and respected voice in the field.

Add comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Posts


About us

EconomicInform, EconomicInform.com is a product of EconomicInform LLC. We sincerely believe that economics is one of the most interesting and most underappreciated – in terms of getting some enjoyment out of reading the subject articles – sciences. More on that - at the link. Feel free to drop us a line.