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(Reuters) - Goldman Sachs on Tuesday reduced its forecast for Brent crude oil to $75 a barrel for the third quarter, $5 lower than its previous estimate, as a surge in Delta variant COVID-19 cases takes a toll on demand. Oil prices fell $5 a barrel on Monday in response to fears over the hit... Continue Reading →
Following a meeting held on Sunday, OPEC and its allies have agreed to increase oil production starting from August 2021 with plans to end production adjustments by the end of September 2022. Last year, OPEC and allies agreed on record production cuts to save the oil industry amid a major industry crisis exacerbated by the coronavirus pandemic, cutting... Continue Reading →
The world’s remaining recoverable oil resources are now seen as 9 per cent slimmer but the commercial volumes can align with the global climate goals and keep global warming below 1.8˚C, energy intelligence firm Rystad Energy has said. Every year and following the publication of the BP Statistical Review, Rystad Energy releases its own assessment to... Continue Reading →
(Reuters) - Brazil's Raizen, a joint venture between Royal Dutch Shell (RDSa.L) and Brazilian energy company Cosan SA (CSAN3.SA), plans to raise roughly 6.9 billion reais ($1.34 billion) in an initial public offering, a securities filing showed on Wednesday. Raizen said it set the price range at 7.40 to 9.60 reais per share, which will give the company... Continue Reading →
(Reuters) Guyana is re-launching a search for a company to market the government's share of crude oil produced off the South American country's coast to make the tender process "simpler and more competitive," the natural resources minister said on Monday. According to the notice published late last week, companies will have until Aug. 3 to submit their... Continue Reading →
(Reuters) - For the first time, a majority of Brazilians support impeaching President Jair Bolsonaro, according to a poll released on Saturday, as serious graft allegations related to vaccine procurement hit the right-wing leader's already battered image. According to the survey by Datafolha, 54% of Brazilians support a proposed move by the country's lower house... Continue Reading →
(Reuters) - Oil prices tumbled on Tuesday in a volatile session after OPEC producers canceled a meeting when major players were unable to come to an agreement to increase supply. Brent crude settled down $2.63 a barrel, or 3.4%, to $74.53, after hitting a session peak of $77.84, its highest since October 2018. U.S. West... Continue Reading →
Oil prices were heading towards three-year highs on Tuesday, towing petrocurrencies and bond yields with them, after the world's main oil producers failed to agree on production plans. Europe's stocks spluttered at the prospect of faster inflation. China had spooked its tech sector too with another high-profile clamp down, but the main action was all... Continue Reading →
(Reuters) - Brazil's government is weighing an immediate cut in taxes on company profits by 5 percentage points, and may double that to a 10-percentage-point reduction, Economy Minister Paulo Guedes said on Thursday. That would signal a far more aggressive stance from the government's tax reform bill delivered to Congress only last week, which envisages... Continue Reading →
(Reuters) - Brazil is growing its marine fuel oil exports to Asia's lucrative premium hubs, where rules mandating lower sulphur content have been squeezing out most of its Latin American peers, according to sources and data. Fuel oil exports are the second largest source of energy revenue for most Latin American oil producers. The tougher... Continue Reading →
Brazil Energy Insight 