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Lula unlikely to herald new era for biofuels

The election of left-wing candidate Lula for a third term as Brazil’s president is unlikely to accelerate Petrobras’ sluggish shift towards large scale biofuel production. We expect proposed oil sector reforms to weigh on biofuel demand, while ongoing uncertainty around blend rates will discourage production.

In view of the wider interest we are also sending this Commodities Overview Update to clients of our Energy Service.

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