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Moody’s Investors Service cut Brazil’s rating to the cusp of junk, the second time the sovereign has suffered a downgrade since President Dilma Rousseff came to office in 2011. The ratings company decreased the country’s grade by one notch to Baa3, with a stable outlook. Standard & Poor’s cut the nation’s rating to the lowest... Continue Reading →
Brazil’s embattled President Dilma Rousseff is digging in her heels as her opponents struggle to find a way to unseat her. Rousseff, 67, has stepped up public appearances to trumpet her achievements and on Monday dined with senators to defuse discontent. The meeting came a day after she thwarted some congressional leaders by nominating for... Continue Reading →
Brazilian lawmakers are split whether to support impeachment proceedings against President Dilma Rousseff over allegations that range from doctoring last year’s fiscal accounts to being negligent while chairman of Petrobras. Right now, there are 10 such requests pending, according to the lower house of Congress. Impeachment proceedings only start if the house accepts what it... Continue Reading →
Vice President Michel Temer is increasingly seen as the man who could lead Brazil out of political crisis if President Dilma Rousseff is forced from office, but people who know him say he will do all he can to see her serve out her term. Even members of Temer's PMDB party who want Rousseff to... Continue Reading →
Brazil’s real fell toward a 12-year low as a devaluation in China, the nation’s biggest trading partner, damped prospects for exporters. Ibovespa futures dropped and iron-ore miner Vale SA tumbled in early U.S. trading after the decision by China triggered the yuan’s biggest one-day drop since January 1994. The real joined a decline in developing-nation... Continue Reading →
The biggest threat to Brazilian President Dilma Rousseff's hold on office may come not from a corruption scandal that has ensnared the country's business and political elite but from a less-heralded probe into accounting practices led by a computer science graduate turned lawyer. Julio Marcelo de Oliveira, a prosecutor at Brazil's Federal Accounts Court, known... Continue Reading →
The two oil basins off Rio de Janeiro’s coast offer a glimpse into the tough choices Petroleo Brasileiro SA is making as it slashes $77 billion in investments. The Campos Basin along Rio’s north shoreline produces more oil than any other region in Brazil, but output is sliding fast as fields age. The Santos Basin... Continue Reading →
The president of Brazil's Senate said on Monday that attempting to impeach President Dilma Rousseff was not a priority and warned that seeking her removal in Congress would "set the country on fire." Renan Calheiros, who is often critical of the administration, struck a more positive tone amid a deepening political crisis after seven months... Continue Reading →
Brazil's Subsalt Polygon, an offshore area that has already yielded some of the world's largest recent oil finds, may hold enough undiscovered petroleum and gas to supply the world's current oil needs for more than five years, researchers said. The Polygon, which covers most of Brazil's Santos and Campos offshore sedimentary basins, contains at least... Continue Reading →
When the financial crisis brought the global economy to its knees, Norway was largely unscathed. But oil under $50? That's another story. Unemployment peaked at about 3.7 percent in 2010 in the post-crisis aftermath. Falling oil prices already pushed the jobless rate to 4.3 percent in May, the highest in at least 11 years, and that... Continue Reading →
Brazil Energy Insight 