Petrobras shares fall in Brazil after Lula removes oil large from privatization listing

SAO PAULO — Petroleo Brasileiro SA’s most well-liked shares
fell 4% after Brazil’s new president eliminated the oil firm, generally known as Petrobras, from an inventory of state-controlled companies slated for privatization.

The shares reached 23.51 reais Monday morning, the equal of $4.40, after declining 14% throughout 2022. Brazil’s benchmark Ibovespa shares index was down 2.2% in early buying and selling.

Luiz Inacio Lula da Silva was sworn in as Brazil’s president on Jan. 1. One of the primary official acts by the left-wing politician, who was president of the nation from 2003 via 2010, was to take away Petrobras and the nation’s postal service from the listing of state asset gross sales.