Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.
Brazil’s pushy oil nationalism is about five years too late. Costs, poor terms and state meddling persuaded the likes of Exxon Mobil and Chevron to avoid the auction for the country’s largest field. Brasilia may have gotten away with it before the jump in global reserves from the shale revolution. Now playing hardball may mean lower output – and less lucre.