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(Reuters) - Brazilian President Jair Bolsonaro, frustrated that he has been blamed for gasoline price increases, is now inclined to privatize oil company Petrobras (PETR4.SA), he said on Thursday, adding he would discuss the idea with economic advisors. "Now I want to privatize Petrobras. ... I will check with the economic team what we can do... Continue Reading →
(OE) By David Linden Head of Energy Transition at Westwood Global Energy Group If we want to reach net zero by 2050, there is an increasingly high risk that some of the oil and gas infrastructure investments (i.e. in platforms, pipelines, processors, storage sites etc) made today will result in stranded assets. In other words,... Continue Reading →
Oct 13 (Reuters) - Brazil's central bank sold $1 billion worth of currency swaps in a surprise auction on Wednesday afternoon, and said later it would hold another sale on Thursday, seeking to boost the local currency from nearly six-month lows. The central bank said it sold all 20,000 foreign exchange swap contracts offered in... Continue Reading →
(Reuters) - Mexican President Andres Manuel Lopez Obrador said on Monday that well-known foreign companies had engaged in what he described as fuel smuggling and he named global energy trader Trafigura (TRAFGF.UL) as an example of the practice. The comments marked a new development in a web of corruption probes of some of the world's... Continue Reading →
(Bloomberg) Citigroup Inc. said oil prices may hit $90 a barrel at times this winter as gas-to-oil switching drives stockpiles lower. The bank, which raised its Brent oil forecast for the fourth quarter to $85, said inventories may dwindle to their lowest level on record in terms of days-of-cover by year-end. That comes as consumption... Continue Reading →
Oil prices rose by about 2% on Monday, extending gains as an energy crisis grips major economies amid a pick-up in economic activity and restrained supplies from major producers. Brent crude was up $1.45, or 1.8%, at $83.84 a barrel by 1336 GMT, its highest since October 2018. U.S. West Texas Intermediate (WTI) crude rose... Continue Reading →
(Bloomberg) Oil explorers need to raise drilling budgets by 54% to more than half a trillion dollars to forestall a significant supply deficit in the next few years, according to Moody’s Investors Service Inc. Crude and natural gas drillers chastened by last year’s unprecedented collapse in demand and prices haven’t responded to the recent market... Continue Reading →
(Reuters) - Oil prices fell sharply on Thursday, extending losses from the previous session, as the United States said it was considering selling oil from its strategic reserves and as Russia said it was ready to stabilise the natural gas market. Brent crude prices fell $1.24, or 1.5%, to $79.84 a barrel by 0918 GMT,... Continue Reading →
Oil hit a multi-year high on Wednesday above $83 a barrel, supported by OPEC+'s refusal to ramp up production more rapidly against a backdrop of concern about tight energy supply globally. The market later unwound those gains due to an American Petroleum Institute (API) report showing rising crude inventories in the United States and, analysts... Continue Reading →
(Rigzone) Fitch Solutions Country Risk & Industry Research has released its latest oil price forecasts to 2025. In a report sent to Rigzone on Monday, the company projected that Brent crude prices will average $70 per barrel in 2021, $67 per barrel in 2022, $68 per barrel in 2023, $70 per barrel in 2024 and... Continue Reading →
Brazil Energy Insight 