Petrobras shares fall in Brazil after Lula removes oil giant from privatization list

SAO PAULO — Petroleo Brasileiro SA’s preferred shares

fell 4% after Brazil’s new president removed the oil company, known as Petrobras, from a list of state-controlled businesses slated for privatization.

The shares reached 23.51 reais Monday morning, the equivalent of $4.40, after declining 14% during 2022. Brazil’s benchmark Ibovespa stocks index was down 2.2% in early trading.

Luiz Inacio Lula da Silva was sworn in as Brazil’s president on Jan. 1. One of the first official acts by the left-wing politician, who was president of the country from 2003 through 2010, was to remove Petrobras and the country’s postal service from the list of state asset sales.