BRAZIL · PETROBRAS
Key Facts
- Brazil shares Petrobras preferred shares, ticker PETR4, fell 21.7% between 23 October and 5 November.
- New York shares The US-listed ADR, ticker PBR, fell 28.1% over the same period to US$18.80.
- Biggest day On Monday 26 October the ADR fell 14% and traded about four times its usual volume.
- Oil price Brent crude spot fell 16.6% from US$128.30 on 23 October to US$107.03 on 3 November.
- Trigger The slide began the first trading day after President Lula’s reelection on Sunday 25 October.
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 74.2 points (November 2026 edition).
Petrobras shares have lost over a fifth of their value in two weeks, and US holders of its New York receipts over a quarter. The shares of the Brazilian state-controlled oil giant fell 21.7% in São Paulo between Friday 23 October and Thursday 5 November 2026.
The ADR, an American depositary receipt that lets US investors own Petrobras in dollars, fell 28.1% over the same stretch, from US$26.16 to US$18.80. The slide began on the first trading day after President Luiz Inácio Lula da Silva won reelection and has continued as oil prices dropped.
How Petrobras Shares Fell Day by Day
On Monday 26 October, the first trading day after the presidential runoff, the ADR dropped from US$26.16 to US$22.50, a fall of 14%. About 102.6 million ADRs changed hands that day, roughly four times the 25.1 million traded on the Friday before.
The decline then continued almost every session. The ADR closed at US$19.61 on Wednesday 4 November and at US$18.80 on Thursday 5 November, according to Nasdaq price data.
What Happened in São Paulo
In São Paulo, the preferred shares known as PETR4 closed at R$58.68 (about US$10.75 at the 5 November rate) on 23 October and at R$45.95 on 5 November. At the official rate of R$5.46 per US$1 on 5 November, the latest price is about US$8.41.
The drop in Brazil was smaller than in New York, 21.7% against 28.1%. The two are not the same share class: PBR is the ordinary-share ADR (tracking PETR3), while PETR4 is the preferred class, so the percentages differ.
Live Company IntelligencePetroleo Brasileiro Petrobras SA ADR — the full investor dossier
Oil Prices Also Fell
Brent crude, the global benchmark, fell from US$128.30 a barrel on 23 October to US$107.03 on 3 November, according to the US Energy Information Administration. That is a drop of 16.6%.
Lower crude usually weighs on the expected profits of oil producers. Petrobras is one of the largest oil companies in Latin America.
In Plain English, Who Is Who
Petrobras is Brazil’s national oil company, controlled by the federal government and listed in São Paulo and New York. B3 is the São Paulo stock exchange where PETR4 and PETR3 trade, and PETR3 is the ordinary share class.
Lula is Brazil’s president and won a new term in the runoff on Sunday 25 October. The US Energy Information Administration is the American government’s energy statistics agency.
What It Means for You
If you own the Petrobras ADR directly or through a fund, your holding is worth about 28% less than on 23 October. Check your fund’s top holdings, because Brazilian and oil funds often carry Petrobras.
Earlier we reported the Petrobras slump before the central bank meeting and the company’s BB credit rating, held with a stable outlook. Our piece on Petrobras and Lula’s state companies explains the political link.
What Is Not Known
Petrobras’s investor relations office can say whether the company will change fuel pricing or dividend plans. It can also confirm the date of its next quarterly results.
Whether oil keeps falling depends on world supply and demand, which the US Energy Information Administration reports weekly. Its next petroleum report is due on Thursday 12 November.
More: Latin America news in English, every day from The Rio Times.
Frequently Asked Questions
How much have Petrobras shares fallen?
The preferred shares in São Paulo fell 21.7% between 23 October and 5 November. The US-listed ADR fell 28.1% over the same period.
What is the Petrobras ADR?
An ADR is an American depositary receipt, a share traded in New York in dollars. Petrobras has two, with the ordinary one trading under the ticker PBR.
Why did Petrobras shares drop on 26 October?
It was the first trading day after Lula won reelection on Sunday 25 October. The ADR fell 14% and volume jumped to about four times the previous Friday.
What happened to oil prices?
Brent crude spot fell from US$128.30 on 23 October to US$107.03 on 3 November, a drop of 16.6%. Lower oil weighs on the expected profits of oil producers.
Sources: Nasdaq, PBR historical prices (Petrobras ADR), 20 October to 5 November 2026, 5 November 2026; B3 daily closing prices for PETR4, 23 October to 5 November 2026, 5 November 2026; US Energy Information Administration, Europe Brent spot price FOB, 4 November 2026; Banco Central do Brasil, PTAX dollar rate, 5 November 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error
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