Oil Majors Threaten to Sue Over Brazil Export Tax

2026-03-20 - 21:10

Key Points — Shell, TotalEnergies, PetroRio, and Repsol are preparing legal action against Brazil’s new 12% oil export tax, arguing it violates constitutional tax principles — The industry lobby IBP estimates the tax will generate R$32 billion ($5.5 billion) in 2026, calling it double taxation on a sector already paying record royalties — The government