Brought to you by Quest Offshore & Southern Cone Consultants
Brazil’s real is no longer the world’s most-volatile currency. As the exchange rate slumped Wednesday, its three-month implied volatility, a measure of expectations for future price shifts, trailed that of Russia’s ruble for the first time in a month. While the gauge has surged 65 percent from this year’s low in January, it has tumbled 22... Continue Reading →
The decline in international oil prices handed Petroleos Mexicanos its biggest quarterly loss in company history. Pemex, as the Mexican state-owned oil producer is known, reported a loss of 167.6 billion pesos ($10.2 billion) in the third quarter. The world’s ninth largest crude producer has now reported losses in 12 consecutive quarters dating back to... Continue Reading →
By Walter Brandimarte Oct 28 (Reuters) - Fitch Ratings on Wednesday expressed concern about Brazil's deteriorating fiscal accounts after the government said it will post a record budget deficit this year. The agency, which cut Brazil's rating to the brink of junk less than two weeks ago, said the government's decision to give up on... Continue Reading →
Statoil ASA, Norway’s biggest oil company, stepped up cuts in its investments and delayed projects after third-quarter earnings missed forecasts amid a collapse in crude prices. The Stavanger-based company cut planned investments in 2015 by $1 billion to $16.5 billion and pushed production start of its Aasta Hansteen and Mariner fields to the second half of... Continue Reading →
Brazil's National Treasury and state development bank BNDES are in talks to abate multimullion dollar debts that are eroding government fiscal accounts, two sources with knowledge of the matter said on Tuesday. In the last couple of years, President Dilma Rousseff has delayed payments worth around 26.5 billion reais ($6.8 billion) to the BNDES related... Continue Reading →
Dilma Rousseff’s popularity remained near record lows as the majority of Brazilians forecast Latin America’s biggest economy won’t recover from the current crisis for at least another three years. Rousseff’s personal approval rating was 15.9 percent compared with 15.3 percent in the previous poll in July, according to an Oct. 20-24 MDA poll published by the... Continue Reading →
BP Plc third-quarter profit beat analysts’ estimates, boosted by refining profit, as Chief Executive Officer Bob Dudley laid out a plan for deeper cost cuts to withstand low prices. Earnings from processing crude into fuels and from trading oil and natural gas took profit adjusted for one-time items and inventory changes to $1.82 billion, 40... Continue Reading →
The U.S. plans to sell millions of barrels of crude oil from its Strategic Petroleum Reserve from 2018 until 2025 under a budget deal reached on Monday night by the White House and top lawmakers from both parties. The proposed sale, included in a bill posted on the White House website, equates to more than... Continue Reading →
Brazilian police raided the offices of a company owned by the son of former President Luiz Inacio Lula da Silva on Monday as part of a bribery investigation that threatens to drag his family into yet another scandal. The Federal Police said it was investigating a group of companies that allegedly bribed officials in a... Continue Reading →
A.P. Moeller-Maersk plans to cut as much as 12 percent of its global oil unit workforce amid lower crude prices. The move will help Maersk Oil reach its goal of cutting expenses by 20 percent by the end of 2016 and brings the total number of job cuts this year to about 1,250, the company... Continue Reading →
Brazil Energy Insight 