Market impact:
Bullish for Brazil’s pre-salt gas production
The impeachment of President Dilma Rousseff on Wednesday brought an end to a prolonged period of political uncertainty in Brazil and closed the 13-year rule of the left-leaning Workers’ Party. The new president, Michel Temer, belongs to the centrist Brazilian Democratic Movement Party and has promised structural reforms in the recession-hit country. The financial markets have been largely supportive of a change throughout the impeachment process, and IOCs are expected to boost investment in Brazil’s oil and gas sector if the proposed reforms are successfully implemented.
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