Investors Fear Change Of Strategy At Brazil’s Oil Giant

Petrobras shares fell at the beginning of the week as investors worry the policies of recently installed President Lula da Silva could erode the profitability of the state-owned oil major.Investors and the Brazilian government alike enjoyed big paydays in 2022 as the Petrobras board approved the payout of big dividends last year. But now, Brasilia may decide to cut dividends in order to start subsidizing fuels again. The move could mark the return to the policies of 2011-2014 when the Dilma Rousseff-led government tried to shield Brazilians from…