After the announcement of a sharp fall in 2023 annual profit, the shares of the Brazilian public oil company Petrobras fell by more than 12% at the opening of the Sao Paulo Stock Exchange on Friday.

Petrobras announced Thursday evening a drop in its profit of 32.1% to 24.8 billion dollars, due to the fall in oil prices. But 2023 was still the second most lucrative year in the company's history. The oil giant indicated that “the variation is mainly attributed to the devaluation of Brent (-18%) and to lower margins on derivatives”. Petrobras announced a profit of 6.259 billion dollars for the last quarter of 2023, up from the previous three months, but down 24.1% from the quarter before, but down 24.1% from the quarter th quarter 2022.