The sense that Brazil remains vulnerable to regulatory uncertainty or policy reversals in an election year was reinforced by a recent truckers' strike that paralysed the country and led to the resignation of Pedro Parente from his post as chief executive of Petrobras, writes Gareth Chetwynd.

Parente came to the job in May 2016, promising a disciplined approach to managing the company’s finances, and made it clear that Brazilian President Michel Temer’s commitment to refrain from interfering in the company’s independent pricing policy was a key factor underpinning his decision to take up the post.