*Brazilian state-controlled oil company Petrobras has released its financial results for the first quarter of 2024, which showed a net profit of R$23.7bn (US$4.6bn). This latest quarterly figure marks a decrease of 24% compared to Q4 2023 and a drop of 38% from Q1 2023. In a press release, the oil giant attributed the drop in profit to factors such as the weakening of the Brazilian real against the US dollar towards the end of Q1 2024; a decrease in sales of oil and derivative products, which the company says is normal for the first quarter; as well as a drop in oil prices and in profit margins from diesel.
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LatinNews Daily - 14 May 2024
In brief: Brazil’s Petrobras posts drop in net profits
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