Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply. Futures fell as much as 2.7 percent to $34.67 a barrel in New York, the lowest since Feb. 19, 2009. They lost... Continue Reading →
Brazil’s Real Declines as Economists Reduce 2016 GDP Forecas
Filipe Pacheco/Bloomberg December 14, 201 Brazil’s real declined the most among regional currencies on worsening prospects for the economy as President Dilma Rousseff fights attempts to impeach her. The real dropped 0.5 percent to 3.8925 per dollar as of 9:44 a.m. in Sao Paulo, on course for its lowest level on a closing basis since... Continue Reading →
Rousseff Critics Stage Brazil March as Congress Watches Closely
Critics of President Dilma Rousseff are organizing street protests in more than 90 cities throughout Brazil on Sunday, providing the first gauge of public opinion since Congress opened impeachment proceedings. Civic groups posted lists of rallying points and times on social media, calling on Brazilians to march in favor of Rousseff’s ouster. "Impeachment: with you on the... Continue Reading →
Cleaning House – Brazil police arrest four in corruption probe of water project
Brazilian federal police arrested four people on Friday including the chief executive of engineering group OAS in a new probe of suspected price-fixing and kickbacks on a long-delayed project to divert water to the drought-prone Northeast. Police said they had evidence that a consortium of engineering companies working to redirect water from the São Francisco... Continue Reading →
Brazil’s Petrobras says not considering Libra area sale
Brazil's Petroleo Brasileiro SA (PETR4.SA), or Petrobras, is not considering selling a 10 percent stake in its giant Libra offshore oil prospect at this time, the state-run oil company said on Friday. Petrobras was responding to a report on Tuesday by Reuters that two industry sources had been told by the company that the Libra... Continue Reading →
Halliburton Bid for Baker Hughes in Limbo as U.S. Deadline Looms
Halliburton Co.’s takeover bid for Baker Hughes Inc. has come down to the wire with the U.S. Justice Department, which may decide by next week whether to approve the deal after months of negotiations. Halliburton has presented a package of proposed asset sales to antitrust officials in hopes of allaying their concerns that the tie-up... Continue Reading →
Brazil police to question Lula in bribery probe involving son
Former President Luiz Inacio Lula da Silva has been called in for questioning next week by Brazil's federal police in a bribery investigation involving his son Luis Claudio, according to a summons document seen by Reuters on Friday. Lula is not under investigation but will be questioned about the case in which police suspect a... Continue Reading →
Brazil minister expects Braskem-Petrobras naphtha deal by Dec 15
Dec 11, 2015 Reuters Dec 11 Brazil's energy minister Eduardo Braga said on Friday that he expects Brazil's state-run oil company Petroleo Brasileiro SA to sign a naphtha supply contract with Brazilian petrochemical company Braskem SA by Dec. 15. Earlier on Friday, Braskem Chief Executive Officer Carlos Fadigas said months of talks with Petrobras, as... Continue Reading →
Brazil’s Political Crisis Comes Down to Who Lasts Longest
Brazil’s political crisis is becoming a two-horse race between President Dilma Rousseff and the head of the lower house to see who survives in office longer. The same man who started impeachment proceedings against Rousseff, Chamber of Deputies President Eduardo Cunha, is struggling to hang on to his own job as he faces an ethics... Continue Reading →
Repsol and Statoil agree asset swap deal in Brazil
In Brazil, Repsol is proposing that Statoil replace it as operator of the BM-C-33 block in the deepwater Campos Basin, with Repsol-Sinopec Brazil keeping a 35 per cent stake in the project. This basin is part of the vast pre-salt oilfields off Brazil’s east coast.
Brazil Energy Insight 