Weekly Report - 14 May 2009 (WR-09-19)

BRAZIL | Petrobras's profit falls. The net profit of Brazil's state-controlled energy company Petrobras fell by almost 20% year-on-year in the first quarter of 2009, to R$5.8bn. According to the company, the fall “reflected the contraction in demand for oil derivates and the fall in commodities prices worldwide." The result was no worse because of a 6% increase in the production of oil and gas in Brazil and an increase in government-regulated tariffs for diesel and gasoline, it said.

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