In a nation where the elite have enjoyed relative impunity, a new generation of police and prosecutors in Brazil are bent on using the country's largest-ever corruption investigation to send the message that no one is above the law. And they gave the moniker Operation 'Erga Omnes,' Latin for 'For everyone' to a raid that... Continue Reading →
After a Decade, Brazil Seeks US Reconciliation
Brazil is seeking a rapprochement with the U.S. as the Western Hemisphere’s two largest economies try to realign interests after a decade of diplomatic skirmishes. Brazil president Dilma Rousseff will arrive in New York on Saturday for a five-day tour including San Francisco. It is her first official travel to Washington since she canceled a... Continue Reading →
Brazil Corruption Puzzle – Too Big to Fail and Investigate?
When Sergio Moro ordered the detention of two prominent top executives last week, the Brazilian federal judge said he was acting to protect the world’s seventh-largest economy. “These companies, given the dimension of billions in net worth, have a relevant role in the Brazilian economy,” Moro said last week. “It’s even reasonable to debate leniency... Continue Reading →
Shoot First and Ask Questions Later – Trigger Happy Traders
A news report triggering concern that former President Luiz Inacio Lula da Silva could be arrested as part of a sweeping corruption scandal -- a fear that was later diffused -- sent investors scrambling to dump Brazilian assets. Read More
Subsea CAPEX is almost gone
Due to the conditions in Brazil, Petrobras' subsea spend can be seen to have fallen as much as 80% since its peak in 2013
FPSO Market dries up in Brazil
Most of the oil riches in Brazil have come to production via the FPSO. For the first time in many years there will be ZERO FPSO's ordered for use in Brazil. As seen in the attached chart, it will take several years for activity to increase. This will have a great affect on the future... Continue Reading →
Brazil Rumor Mill – Lula’s Possible Detention on Graft Scandal
This rumor should be investigated by the competent authorities for manipulating the markets negatively. Somebody sure making a tidy profit. Read More
Chevron’s Cash Flow Gains
The 15 percent jump in the price of crude this quarter represents a $2.8 billion windfall. That’s because every time the average quarterly price of Brent -- the benchmark for most international oil sales -- increases by a dollar, Chevron scoops up an extra $325 million to $350 million in cash beyond certain expenses. Read... Continue Reading →
Detieriorating Political Scene in Brazil
The political scene in Brazil is getting worse by the minute. First are Lula's public complaints about Dilma, the Workers Party and the present administration. Secondly, the rebellion of party and coalition members, the open war with the president of the house and the various defeats of the administration is passing crucial but unpopular bills... Continue Reading →
Brazil Congress, Another Surprise Defeat for Dilma
Brazil's lower house of Congress on Wednesday approved a measure that would raise pension expenditures in coming years, in another surprise defeat for President Dilma Rousseff who is struggling to shore up the government's finances. Read More
