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He was celebrated as the architect of an economic miracle -- the man who would finally turn Brazil into a fair and prosperous nation. But now Luiz Inacio Lula da Silva has been caught up in a wave of corruption probes sweeping the country and besieging his successor and protégé, President Dilma Rousseff. It’s a... Continue Reading →
When ex-billionaire Eike Batista’s empire collapsed, EIG Global Energy Partners LLC took over his most-prized project: a Brazilian port startup as ambitious and sophisticated as it was risky and capital-starved. Two years later, the 1.8 billion-real ($520 million) investment now has the cachet of a once-in-a-lifetime deal, akin to the U.S.’s Louisiana Purchase in the... Continue Reading →
U.S. refineries, which turned a record amount of crude into gasoline during July, typically slow down from August through October Read More
Brazilian police arrested Jose Dirceu, who served as chief of staff under former President Luiz Inacio Lula da Silva, saying he helped put into place an alleged system of kickbacks at the state-run oil company. The “operation that goes beyond Jose Dirceu as a recipient and a beneficiary,” federal police investigator Carlos Fernando dos Santos... Continue Reading →
Bloomberg - 9:04 am Brazilian police expanded their investigation into alleged bribes and kickbacks as the country’s political and economic woes intensify. Police carried out 40 court orders in the 17th phase of the “Carwash” probe, the press office of the public prosecutor’s office said Monday. Arrests in the latest phase included Jose Dirceu, who... Continue Reading →
Brazil’s giant state-run oil firm Petróleo Brasileiro SA, or Petrobras, said Friday it is tightening its supplier controls in the wake of a massive corruption scandal and seeking the reparation of about $2 billion that was diverted during a yearslong price-fixing scheme. Petrobras said suppliers now will need to give detailed information on their finances... Continue Reading →
Brazil's largest-ever corruption scandal threatens to slow down preparations for the Olympic Games in Rio de Janeiro next year as it engulfs construction companies responsible for the lion's share of projects worth around $12 billion. Prosecutors investigating the scandal at state-run oil firm Petrobras have implicated more than 20 companies, including five that are working... Continue Reading →
OPEC crude output declined this month as Iraqi production slipped from a record in June. Output by the Organization of Petroleum Exporting Countries decreased 362,000 barrels to 32.107 million a day this month, according to a Bloomberg survey of oil companies, producers and analysts. Last month’s total was revised 335,000 barrels higher, to 32.469 million... Continue Reading →
Exxon Mobil Corp. and Chevron Corp., the biggest U.S. energy producers, hunkered down for a prolonged stretch of weak prices after posting their worst quarterly performances in several years. Exxon reported its lowest profit since 2009 as crude prices fell twice as fast as the world’s largest crude producer by market value could slash expenses.... Continue Reading →
Petroleo Brasileiro SA is seeking to recover as much as 6.2 billion reais ($1.8 billion) lost as part of Brazil’s biggest corruption scandal. The world’s most indebted oil company announced today the recovery of 139 million reais from the scandal, in a ceremony with the country’s prosecutor general ahead of the year-and-a-half-long investigation. In 2014,... Continue Reading →
Brazil Energy Insight 