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The oil guru who predicted last year’s rout said $100-a-barrel crude is likely to return within five years as faltering supply fails to meet demand. Gary Ross, the founder of consultants PIRA Energy Group, said oil markets aren’t nearly as oversupplied as many believe and spare capacity is tight since Saudi Arabia is pumping all... Continue Reading →
The Ibovespa led losses in the Americas after Finance Minister Joaquim Levy said that a credit rating downgrade by Moody’s Investors Service is more likely if Brazil doesn’t make economic adjustments. Traders also pushed down the value of shares after newspaper Folha de S. Paulo reported Saturday that lower house President Eduardo Cunha would rebel... Continue Reading →
The real slid 0.9 percent to 3.2172 per dollar at 9:58 a.m. in Sao Paulo, the weakest level on a closing basis since July 9. Swap rates, a gauge of projected changes in Brazil’s borrowing costs, fell 0.01 percentage point to 12.88 percent on the contract maturing in January 2018. Read More
Royal Dutch Shell (RDSa.L), which is all set to acquire rival BG Group Plc (BG.L), may cut its capital expenditure for the year by several billion dollars from the previously announced $33 billion figure, the Financial Times reported on Sunday, citing sources. A substantial cut to this year's capital investment might be outlined during the... Continue Reading →
Any attempt by the Brazilian government or Congress to relax spending-reduction goals for this year would inevitably extend the duration of the current fiscal adjustment program, Finance Minister Joaquim Levy said in a newspaper interview published on Sunday. Some members of President Dilma Rousseff's government and a few ruling coalition lawmakers want the government to... Continue Reading →
Halliburton Co.’s profit tumbled in the last quarter after a yearlong crude-market crash forced customers to slam the brakes on oilfield work. The world’s largest fracking-services provider said second-quarter net income fell to to $54 million, or 6 cents a share, from $774 million, or 91 cents, a year earlier, the Houston-based company said in... Continue Reading →
Moody’s Investors Service, Standard & Poor’s and Fitch Ratings have dished out 93 corporate downgrades since January 1, already more than in any full year since 2002, and they may not be done. Speculation is mounting that Moody’s -- which met with officials in Brazil last week -- will lower the country’s rating, a move... Continue Reading →
Analysts reduced their forecast for inflation for the third straight week, to 5.4 percent from 5.44 percent the prior week, and cut their outlook for the benchmark Selic to 12 percent from 12.25 percent, according to the July 17 central bank survey of about 100 analysts published Monday. They also forecast 2016 growth of 0.33... Continue Reading →
State-controlled Petróleo Brasileiro SA hired a group of five banks to handle the initial public offering of its fuel distribution business, two sources with knowledge of the plans said on Friday. The investment-banking units of Citigroup Inc, Banco Bradesco SA, Itaú Unibanco Holding SA, Banco do Brasil SA and Grupo BTG Pactual SA were hired... Continue Reading →
The turmoil swirling around President Dilma Rousseff and Brazil’s other top politicians grew more intense Friday when the head of the lower house announced an open rebellion against her. Read More
Brazil Energy Insight 