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A growing number of legislators in Brazil’s largest party see an impeachment of President Dilma Rousseff as an option to pull the country out of its deepening economic and political crisis. One-third of the Brazilian Democratic Movement Party in the lower house is working toward impeachment proceedings within a constitutional framework, said Darcisio Perondi, a... Continue Reading →
Reuters Aug 6 Brazilian President Dilma Rousseff's approval rating hit a new low of 8 percent as a growing number of voters support her impeachment, pollster Datafolha said on Thursday. The number of Brazilians that consider Rousseff's administration "bad" or "very bad" touched 71 percent, from 65 percent in June, according to a Datafolha poll... Continue Reading →
Federal Judge Sergio Moro handed out more prison sentences on Wednesday, this time to executives in Brazilian construction firm OAS, which was ensnared in the country's biggest corruption scandal in history centered around state-run oil company Petrobras. OAS Chief Executive Jose Aldemario Pinheiro Filho was sentenced to 16 years and 4 months, and was also... Continue Reading →
Brazil’s central bank says keeping interest rates at the highest level in nine years for a prolonged period will bring inflation back to its target by the end of 2016. The central bank board, led by bank President Alexandre Tombini, voted last week to lift the benchmark interest rate for the seventh straight meeting, by... Continue Reading →
Goldman Sachs Group Inc. says crude prices need to remain lower for a longer time to allow the oil market to find equilibrium amid a supply glut. Storage may be filled by the fall with global crude oversupply running at 2 million barrels a day and low-cost producers continuing to boost output, Goldman analysts including... Continue Reading →
YPF SA, Argentina’s state-run oil producer, posted second-quarter earnings that exceeded expectations as it increased output and sold crude at a premium to international prices. Net income rose to 2.3 billion pesos ($250 million) from 1.5 billion pesos a year earlier, Buenos Aires-based YPF said in a statement Wednesday. Per-share profit of 5.86 pesos, excluding... Continue Reading →
There’s a sense of foreboding in Brasilia this month as politicians remember Augusts past, including the resignation of one president, the suicide of another and protests that led to Brazil’s first impeachment. Already more than 100,000 people have signed up on social media to march against President Dilma Rousseff on Aug. 16. Those demonstrations may... Continue Reading →
Brazil’s real fell to a 12-year low as Societe Generale SA said it will tumble to 4 per dollar as the struggle to pare government budget deficits makes further credit rating downgrades unavoidable. Read More
LONDON—The world’s biggest oil companies have vowed to bring down the costs of big projects in the face of slumping oil prices, but the unrelenting price weakness—with crude below $50 a barrel—suggests they could have to dig deeper still. In the past year, as oil prices plunged 60% from highs of $114 in 2014, U.K.... Continue Reading →
The real fell for a fourth straight day, declining 0.6 percent to 3.4723 per dollar at 10:36 a.m. in Sao Paulo, the weakest level on a closing basis since March 2003. The average directional index increased to 35.7, above the level of 25 that some traders interpret as a sign that a trend will last.... Continue Reading →
Brazil Energy Insight 