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Oil tanker rates soared to the highest in seven years amid an acceleration in the number of bookings and signs that the ships are being delayed when unloading due to a lack of space in on-land storage tanks. Day rates for 2 million-barrel carrying ships sailing to Japan from Saudi Arabia, the industry’s benchmark route,... Continue Reading →
03/12/2015 RIO - Petrobras plans to conduct an audit in virtually all suppliers to determine whether companies are acting in accordance with the new compliance requirements of the company , said the Director of Governance, Risk and Compliance , João Elek. "All companies will go through it. Ninety percent of the contracts will go through... Continue Reading →
Brazilian stocks led global gains and the currency jumped after lower house chief Eduardo Cunha started a process to oust President Dilma Rousseff, boosting speculation the political crisis that has paralyzed the country is closer to an end. All except eight of the 63 shares in the Ibovespa rose, with state-run Petroleo Brasileiro SA and Banco... Continue Reading →
Even in Brazil, a country that is no stranger to crisis, the recent, rapid-fire succession of financial, economic and political blows has been breathtaking. After a week in which the nation’s top young financier was thrown in jail alongside a senator -- pushing his bank into a struggle for survival -- and Goldman Sachs Group... Continue Reading →
Brazil’s central bank signaled it’s ready to boost borrowing costs early next year as higher political and economic uncertainties threaten to keep inflation above its target for longer than initially expected. The monetary committee will adopt the necessary measures to ensure inflation "will be as close as possible to 4.5 percent in 2016” and “converges... Continue Reading →
Petroleo Brasileiro SA lost as much as 29 billion reais ($7.6 billion) from a cartel of suppliers who bribed officials at the state-controlled producer to win contracts at inflated prices, Brazil’s audit court, known as TCU, said in a document Wednesday. The audit court’s figure surpasses Petrobras’s internal estimate of 6.2 billion reais. The audit... Continue Reading →
All across the Americas, drilling rigs are being idled as oil prices hover near six-year lows. In Colombia, more than 57 percent have been pulled; in Mexico, 42 percent. Then there’s Venezuela. Starved for hard currency needed to ease a crushing recession and struggling to shore up slumping output, the state oil giant known as... Continue Reading →
Total debt at Petroleos Mexicanos may rise to more than $100 billion in 2016 as the state-run oil producer plans to issue more debt amid a slump oil prices and continued production declines. Pemex, as the world’s eighth-largest oil producer is known, estimates it will borrow $21 billion in 2016, with as much as $20... Continue Reading →
Brazil’s President Dilma Rousseff will face impeachment proceedings in Congress, according to lower house speaker Eduardo Cunha. Cunha told reporters in Brasilia on Wednesday he "profoundly regrets" what’s happening. "May our country overcome this process," he said. The impeachment process could take months, involving several votes in Congress that ultimately may result in the president’s... Continue Reading →
A week after the arrest of Brazil’s billionaire Andre Esteves, the lack of guidance from Brazilian authorities on the future of his troubled investment bank BTG is exacerbating investors’ nervousness. Since Esteves was detained on Nov.25 the only official statement from the central bank the same day was that it is monitoring the situation and... Continue Reading →
Brazil Energy Insight 