Petrobras Cuts Dividends After Profit Drop and Political Tensions

Brazil's state-controlled oil giant faces market backlash as it reduces shareholder payouts amid lower earnings and government pressure.

Petrobras reported a 38% decline in first-quarter net income compared to last year.
The company approved a dividend of 13.45 billion reais, below analysts' expectations.
Shares dropped by up to 3.5% following the announcement.
CEO Jean Paul Prates supported the dividend cut to prioritize future investments.
President Lula criticized the high payouts to private investors.