Rio May Lose R$38.5B in Oil Royalties

By Leo Byrne, Contributing Reporter

RIO DE JANEIRO, BRAZIL - The economic fallout from Congress’ divisive decision to overturn the presidential veto on the redistribution of oil royalties continued this week as the main oil producing states reviewed their budgets and prepared themselves for potential revenue cuts.

The backlash from producing states was felt almost immediately last Thursday as Rio de Janeiro quickly started searching for ways it could hope to recoup the potential losses that by 2020 could be as high as . . .

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