Petrobras – Petroleo Brasileiro (NYSE:PBR): Closing price $18.27
Brazil’s huge government-run giant oil firm Petrobras is so large, its current problems that are due to fuel subsidies, project snafus and soaring costs are spreading to the overall economy, as they are undermining the company’s vendors and raise credit risks. The government has attempted to sponsor and encourage Brazil’s struggling oil equipment and service sector, but the delays are moving swiftly against such hopes. Not particularly helping the situation is Petrobras’ squeezing suppliers and investors by making them wait longer to receive payment, according to Reuters.
Markets are at 5-year highs! Discover the best stocks to own. Click here for our fresh Feature Stock Pick now!