Petrobras Shares Record Worst Drop in 34 Years; Oil War Threatens Government Revenue

The dispute between Saudi Arabia and Russia should adversely impact Petrobras' revenues, pre-salt exploration, ethanol production, and government revenue.

RIO DE JANEIRO, BRAZIL - The largest drop in the price of the oil barrel in almost 30 years generated a panic day in the financial markets on Monday, already shaken by the coronavirus epidemic, causing significant losses for the main oil and energy companies in the world.

In Brazil, Petrobras lost R$91.1 billion in market value, the largest drop since 1986, according to Economática data. The oil company's shares dropped by almost 30 percent, listed at R$16.05 at the close of trading.

The sharp drop in oil prices came after Saudi Arabia signaled it . . .

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