The actions of Petrobras (PETR4) rose by 2.5%, making it the fourth largest increase on the stock market this Monday (13th).
It is the second auction in which the Petrobras shares are traded with the company’s 3Q23 information. What influences today’s numbers are a court decision and the rise in Brent oil.
The barrel of Brent rises 1.5% to 82.67 dollars.
This is because recently the Organization of the Petroleum Exporting Countries (OPEC) released a report that contradicted market concerns about falling demand in the US and China, exacerbated by Fed moves.
The organization highlighted that the fundamentals of Petrolium “remain strong” and link the commodity’s recent decline to market speculators.
In the same opinion, OPEC slightly increased its expectations for oil demand growth and maintained its projection for 2024, which is considered relatively high.
Recently, OPEC raised its expectations for Brazil’s liquid fuel supply in 2023 by 25,000 barrels per day (bpd), to an average of 4.1 million bpd.
The result represents an increase of 400 thousand barrels compared to the previous year, and is influenced by the “strong” production observed in September.
STF decision boosts Petrobras
In addition to the OPEC opinion, also the decision of the Federal Court (STF) also favored Petrobras.
The court, in short, overturned the largest labor sentence in Petrobras’ history, imposed by the Superior Labor Court (TST) in mid-2018.
The previous decision had ordered the state company to correct the salaries of 51 thousand employees, including active and retired employees.
The calculated impact of the action was approximately R$52 billion. However, the sentence was reviewed in the First Panel of the STF.
However, what is up for debate is whether statutory additional payments intended to compensate for special working conditions – such as dangerous work – will be included in the calculation basis of the wage subsidy or will be paid separately.
The First Panel of the STF held, by majority, that the workers of Petrobras agreed with this policy by signing a collective agreement in 2007. This process ended on November 10th.
Source: Terra
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