LatinNews Daily - 11 November 2026

*Brazilian state-controlled oil company Petrobras has released its financial results for the third quarter of this year, reporting a net profit of R$39.75bn (US$7.11bn). This marks a 21.5% increase compared with the net profit of R$32.71bn registered for Q3 2025, but it is down 24.2% compared to the R$52.45bn profit in Q2 2026. The company’s gross profit stood at R$90.89bn, up 48.7% year-on-year but down 7.5% on the previous quarter. In its report, Petrobras attributed the quarterly decline in its net profit to several factors, including lower gross profit, the impact of legal contingencies, and less favourable foreign exchange rates. It also reported higher expenses arising from obligations under the 2020 agreement through which Petrobras sold its stake in Brazilian gas pipeline operator TAG.