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OPEC, the producer of 40 percent of the world’s oil, renewed its readiness to talk to other crude exporters to achieve “fair and reasonable prices,” according to the group’s monthly magazine. Oil jumped to the highest in a month on the report. “There is no quick fix, but if there is a willingness to face... Continue Reading →
More than a year after Mexico rewrote laws to give oil giant Petroleos Mexicanos the financial independence needed to compete with global peers like Exxon Mobil Corp., things aren’t looking good for the state-owned driller. With crude near a six-year low, output dropping and Moody’s Investors Service warning that it’s considering a cut to Pemex’scredit... Continue Reading →
Renan Calheiros took an Air Force jet to get hair implants and was accused of letting a lobbyist pay child support to a journalist he had an affair and a child with. Either episode would have derailed many politicians but corruption allegations have not kept Calheiros, the 59-year-old president of Brazil's Senate, from making himself... Continue Reading →
Mon Aug 31, 2015 7:44am EDT Reuters Economists cut Brazil's 2015 GDP view for 7th consecutive week BRASILIA, Aug 31 Economists forecast bigger economic contractions in Brazil in 2015 and 2016, estimating a decline of 2.26 percent in 2015 and 0.40 percent next year, according to a weekly central bank survey of about 100 financial... Continue Reading →
President Dilma Rousseff has dropped the idea of reinstating a tax on financial transactions to bridge a gaping fiscal deficit in Brazil after it ran into a barrage of criticism even from within her coalition, Brazilian media reported on Sunday. The Folha de S.Paulo and Estado de S.Paulo newspapers, citing presidential aides, said Rousseff abandoned... Continue Reading →
A Brazilian news magazine has accused former president Luiz Inacio Lula da Silva of acting as lobbyist in Cuba for Brazil's largest engineering firm Odebrecht, which built the container terminal at the Cuban port of Mariel. In this week's edition headlined "Our man in Havana," Epoca magazine cited Brazilian diplomatic cables about visits to Cuba... Continue Reading →
Traders willing to bet the biggest oil-services deal can survive regulatory scrutiny stand to rake in more than $3 billion in profit. Baker Hughes Inc. shares closed on Thursday at $53.75. That’s about $8 below Halliburton Co.’s cash-and-stock offer. It’s a pretty wide gap -- about twice as wide as the average spread for proposed... Continue Reading →
WSJ U.S. oil prices soared 10% on Thursday, as a rally in Chinese and U.S. stocks and better-than-expected U.S. economic data prompted a rush by traders to bail out of bearish bets that the market would fall. Traders and analysts at hedge funds, banks and brokerages said supply-and-demand conditions in the oil market remained weak... Continue Reading →
Brazil's Senate confirmed on Wednesday the reappointment of Prosecutor General Rodrigo Janot, who is leading a massive corruption investigation that has put dozens of politicians under scrutiny for allegedly receiving kickbacks. The Senate voted in favor of Janot's reappointment 59-12 after lawmakers questioned him for more than 10 hours about the investigation focused on a... Continue Reading →
Schlumberger Ltd.’s takeover of Cameron International Corp. could inspire more dealmaking. The world’s biggest oilfield contractor agreed on Wednesday to buy pump-and-valve maker Cameron for about $66.36 a share in cash and stock. It’s the second-largest oil and gas services deal on record after No. 2 Halliburton Co. agreed to buy No. 3 Baker Hughes... Continue Reading →
Brazil Energy Insight 