The Brazilian oil conglomerate at the center of a huge corruption scandal that extends to the highest levels of government has added its biggest ever quarterly loss to its list of woes.

Petrobras posted a loss of 36.9bn reals or $10.2bn for the last 3 months of 2015 as it wrote down assets like oil fields and drilling rigs after a long and protracted slump in global oil prices. The company joins companies like BP, Royal Dutch Shell, Petronas and others nursing huge losses in an industry that has faced enormous challenges from the “double whammy” of softening demand and oversupply.

The news comes as the partly state-owned company’s role at the center of a corruption scandal embarrasses the country’s President Dilma Rousseff as more members of her Worker’s Party are exposed as bribe-takers.

“Petrobras will recover from the oil crisis but the corruption scandal may dog it for years to come,” said Erik Larsson, chief market strategist at Nihon International. “I don’t think we’re at a turning point for oil prices just yet but there’s definitely reason to believe that we saw them bottom out in January so we’re expecting companies like Petrobras and its counterparts around the world to head upwards from here on out.”

Brazil is battling through its worst recession in over 100 years and this has hurt demand for Petrobras’ products at home. Inflation is running at elevated levels and, although the country’s central bank recently cut its forecast to 7.43%, the tough economic conditions are forcing corporations to slash spending and cut jobs further exacerbating demand problems.

Despite the gloom, Nihon International believes a leaner Petrobras will support a rally in its stock as oil prices recover.

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