John Forman

Unfortunately, everybody in Brazil is afraid to challenge Petrobras, even if they have a case. They know Petrobras, and perhaps the government, will retaliate, court fights can drag on for years, so you lose even if you win.

In Brazil we say 'the oil is ours', that it belongs to the people. In reality we act like it belongs to Petrobras.

It's not just prices, it's also government meddling, they expected subsalt cash to keep them in power for years, what did we get? In short, a disaster.

Brazil has been remiss in not making such numbers public. by John Forman

Brazil has been remiss in not making such numbers public.

His mission at Banco do Brasil was to carry out the wishes of the government, he probably won't have the necessary independence to be a counter-weight to government ideas of what should be done (at Petrobras).