LatinNews Daily - 12 May 2026

*Brazilian state-controlled oil company Petrobras has released its financial results for the first quarter of this year, showing a net profit of R$32.66bn (US$6.67bn). This marks a 109.9% increase compared to the net profit of R$15.56bn registered in Q4, but a 7.2% decrease compared to the R$35.21bn profit in Q1 2025. Petrobras’ adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) in Q1 this year totalled R$59.64bn, which is down 0.5% compared to the Ebitda of R$59.92bn the previous quarter and down 2.4% compared to the same quarter last year. According to a Bloomberg, this latest Ebitda figure for Q1 2026 was lower than the forecast of R$64.5bn projected by market analysts, although the net profit was above expectations. Bloomberg has also highlighted that Petrobras has faced pressure to contain fuel inflation and has been cooperating with the government of President Luiz Inácio Lula da Silva to shield Brazilian consumers from the impact of global energy price rises caused by the conflict in the Middle East.