Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 25

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 25
---
–        wages      
    and labor costs;
--------------------

–                                            regulatory                                        
    policy for the oil and gas industry, including pricing, new taxes or tariffs, local content
                                           requirements;                                       
-----------------------------------------------------------------------------------------------

–                                           policies                                        
    and regulatory requirements associated with climate change mitigation and the transition
                                    to a low-carbon economy;                                
--------------------------------------------------------------------------------------------

–                                           political                                        
    instability resulting from allegations of corruption involving political parties, elected
                             officials or other public officials; and                        
---------------------------------------------------------------------------------------------

–                            other                         
    political, diplomatic, social and economic developments
                       affecting Brazil.                   
-----------------------------------------------------------
 Uncertainty about whether the Brazilian federal government will implement changes in policy or regulations that may affect any of the factors mentioned above or other factors in the future may lead to economic uncertainty in Brazil and increase the volatility of the Brazilian securities market and securities issued abroad by Brazilian companies, which may have a material adverse effect on our results and financial condition.
 Increased tensions in the Brazilian political environment may result in difficulties for the Brazilian federal government in obtaining a majority of votes in the National Congress, which may lead to an increase in political uncertainty and adversely affect Brazil’s economic growth with a potential negative impact on our operating results and financial condition.
 6.d) Market fluctuations related to political instability, acts of terrorism, insurrection, armed conflicts and wars in various regions of the world may have a material adverse effect on our business. 
 Geopolitical risk factors have recently become more prominent in the world. For example, as a result of ongoing military conflicts involving Russia and Ukraine, and in the Middle East, the prices of oil, natural gas and LNG remain extremely volatile. Such military conflicts, and the resulting economic sanctions imposed on the Russian government, certain Russian citizens and enterprises, could have a negative effect on the global economy, including Brazil. We cannot predict the extent of these conflicts and their impact on our business. These events also impact crude oil flows and the related markets as could other similar events or acts. One example is the change in oil exports offered by Russia, which have moved to China and India, restricting residual demand from these markets to other bidders.
  
Annual Report and Form 20-F 2024 |

Other examples include the attacks by the Yemeni Houthis on ships in the Red Sea, Iran’s entry into the conflict between Israel and Hamas, and the collapse of the Syrian government, increasing tensions in the world's largest oil-producing region. Also, Venezuelan land claims within the territory of Guyana may increase volatility in the oil and gas market