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OPEC, the producer of 40 percent of the world’s oil, renewed its readiness to talk to other crude exporters to achieve “fair and reasonable prices,” according to the group’s monthly magazine. Oil jumped to the highest in a month on the report. “There is no quick fix, but if there is a willingness to face... Continue Reading →
More than a year after Mexico rewrote laws to give oil giant Petroleos Mexicanos the financial independence needed to compete with global peers like Exxon Mobil Corp., things aren’t looking good for the state-owned driller. With crude near a six-year low, output dropping and Moody’s Investors Service warning that it’s considering a cut to Pemex’scredit... Continue Reading →
Brazilian stocks and the real led global losses on speculation that Latin America’s largest economy is struggling to put its finances in order and avoid a credit-rating downgrade to junk. The Ibovespa tumbled 2.9 percent to 45,784.03 at 10:30 a.m. in Sao Paulo, bringing its monthly slide 9.9 percent. The real retreated 2.6 percent to... Continue Reading →
Renan Calheiros took an Air Force jet to get hair implants and was accused of letting a lobbyist pay child support to a journalist he had an affair and a child with. Either episode would have derailed many politicians but corruption allegations have not kept Calheiros, the 59-year-old president of Brazil's Senate, from making himself... Continue Reading →
Mon Aug 31, 2015 7:44am EDT Reuters Economists cut Brazil's 2015 GDP view for 7th consecutive week BRASILIA, Aug 31 Economists forecast bigger economic contractions in Brazil in 2015 and 2016, estimating a decline of 2.26 percent in 2015 and 0.40 percent next year, according to a weekly central bank survey of about 100 financial... Continue Reading →
President Dilma Rousseff has dropped the idea of reinstating a tax on financial transactions to bridge a gaping fiscal deficit in Brazil after it ran into a barrage of criticism even from within her coalition, Brazilian media reported on Sunday. The Folha de S.Paulo and Estado de S.Paulo newspapers, citing presidential aides, said Rousseff abandoned... Continue Reading →
A Brazilian news magazine has accused former president Luiz Inacio Lula da Silva of acting as lobbyist in Cuba for Brazil's largest engineering firm Odebrecht, which built the container terminal at the Cuban port of Mariel. In this week's edition headlined "Our man in Havana," Epoca magazine cited Brazilian diplomatic cables about visits to Cuba... Continue Reading →
Brazilian state-run oil company Petrobras and other investors reached an agreement to approve the restructuring plan of ailing oil-drilling-rig builder Sete Brasil Participações SA, two leading local newspapers reported on Friday. The plan would pave the way the refinancing of Sete Brasil's $3.8 billion in debt. Shareholders reached a deal for Sete to operate five... Continue Reading →
Brazil's economy shrank 1.9 percent in the second quarter, sinking into a recession that has hammered President Dilma Rousseff's popularity as she struggles to save the country's investment-grade credit rating amid a vast corruption scandal. The quarterly contraction, reported by government statistics agency IBGE on Friday, was bigger than the median forecast of a 1.7... Continue Reading →
Petrobras - Clarification of News Item: Investment of Partners in Comperj 08/28/2015 Rio de Janeiro, August 28, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter BM&FBovespa 2727/2015-SAE which requests the following clarifications: OFFICIAL LETTER 2727/2015-SAE “An article published by Agência Estado – Broadcast on August 27, 2015, states, among other matters,... Continue Reading →
Brazil Energy Insight 