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The average price of crude sold by OPEC members slumped to the lowest in 11 years as members kept pumping into an oversupplied market. The reference basket of crudes produced by the Organization of Petroleum Exporting Countries dropped to $32.33 a barrel Wednesday, according to an e-mail from the organization’s secretariat in Vienna on Thursday.... Continue Reading →
Dec 17, 2015 The Petrobras logo is seen in front of the company's headquarters in Sao Paulo April 23, 2015. REUTERS/PAULO WHITAKER Brazil's federal police carried out an operation on Thursday morning to deepen investigations into Dutch SBM Offshore NV, the world's top oil production ship leaser, and state oil firm Petroleo Brasileiro SA, according... Continue Reading →
Brazil’s breathtaking fall from investor favorite to emerging-market pariah shows no signs of slowing. On Wednesday, Latin America’s largest economy lost its investment-grade status when Fitch Ratings became the second of the three main debt-ratings firms to cut Brazil to junk. And a third downgrade, this time by Moody’s Investors Service, can’t be far behind... Continue Reading →
12/16/2015 Rio de Janeiro, December 16, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 3762/2015-SAE, which requests the following clarifications: Official Letter 3762/2015-SAE “Dear Sirs, A news item published today in the newspaper Valor Econômico on December 16, 2015, states, among other matters, that, for the first time in eight years,... Continue Reading →
12/16/2015 Rio de Janeiro, December 16, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that its average oil and natural gas production in November in Brazil and abroad reached 2.71 million barrels of oil equivalent per day (boed), 1.8% below than the recorded in October, which was 2.76 million boed, a result of shutdowns of... Continue Reading →
A controversial secret congressional vote that stacked an impeachment committee with opponents of President Dilma Rousseff was found legitimate on Wednesday by the Supreme Court justice who suspended proceedings against her last week. Judge Luiz Fachin's unexpected recommendation must still be voted on by the full court, but it was a new setback for the... Continue Reading →
Brazil’s public prosecutor asked the Supreme Court to suspend the lower house speaker from his activities as a legislator, in a move that may stall impeachment proceedings against President Dilma Rousseff. Prosecutor-general Rodrigo Janot made the request Wednesday, saying Eduardo Cunha used his position for “personal benefit and illicit acts," according to a statement from... Continue Reading →
Colombia is nursing paper losses of more than $100 billion after its oil boom fell short of expectations, wiping out 90 percent of the value of what was once Latin America’s biggest company. From being the world’s fifth-most valuable oil producer at its zenith in 2012, worth more than BP Plc, state-controlled Ecopetrol SA now ranks... Continue Reading →
Brazil's sovereign bonds and credit default swaps widened by around 30bp Wednesday after Fitch stripped the sovereign of its investment-grade rating and lowered the credit to BB+. It was the second downgrade to junk after a similar move from S&P in September, and will further complicate the troubled financial picture in Latin America's largest economy.... Continue Reading →
Brazil’s credit rating was cut to junk by Fitch Ratings, which became the second major ratings company to strip the country of its investment grade this year. Brazil was downgraded one step to BB+ and the outlook for the grade is negative, Fitch said Wednesday in a statement. Brazil’s currency extended declines. The move could... Continue Reading →
Brazil Energy Insight 