Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.

The first round of Brazil’s bitterly contested presidential elections on Sunday saw former President Luiz Inacio Lula da Silva finish in first place, although incumbent Jair Bolsonaro made a stronger-than-expected showing as the pair head to a runoff vote on Oct. 30. Final tallies had Lula, a left-wing former trade union boss who served as president from 2003 until 2010, receiving 48.4% of the vote in the first round. Bolsonaro, a right-wing populist, finished with 43.2%. The fate of Brazilian state oil company Petrobras has been a prominent feature in campaign rhetoric. A frequent target of Bolsonaro due to high fuel prices, Petrobras has churned through four CEOs during his time in office, and the president has made no secret of his desire to privatize the company. Lula, who was jailed in connection to the Operation Car Wash scandal before being released in 2019 with his convictions nullified, has said that he would keep Petrobras in the state's control and position it for a transition to renewable and green energies. He has also suggested that Petrobras needs to diversify from an over-reliance on offshore pre-salt fields and "go back to being an integrated energy company," with more emphasis on biofuels.

Elections, Policy and Regulation
Wanda Ad #2 (article footer)
Much is riding on a second-half demand boom to rally oil prices, but early signs indicate it's off to a slow start.
Thu, Jun 8, 2023
Equinor says it is becoming more difficult to limit global warming to 1.5°C despite some progress on the policy and technology front.
Thu, Jun 8, 2023
The mandated authorizations for the Mountain Valley Pipeline (MVP) that were included in the US debt ceiling deal have incensed environmental activists and several congressional Democrats.
Fri, Jun 2, 2023