Brazil’s central bank will consider a marginal increase in interest rates if the government fails to shore up fiscal accounts, said a member of President Dilma Rousseff’s economic team. Policy makers still expect Rousseff to implement tax increases and spending cuts that will reverse a projected budget deficit before interest payments into a surplus next... Continue Reading →
Mexico – 60 Percent of Fields Auctioned
Italy’s Eni SpA was among companies winning rights to produce oil in the shallow waters off Mexico’s Gulf coast as the country’s second auction drew more bids for more money than expected. The National Hydrocarbons Commission awarded three out of five Gulf of Mexico offshore contracts to Eni’s ENI International B.V. and two company partnerships... Continue Reading →
Petrobras – Price Readjustment
Petrobras - Price Readjustment 09/30/2015 Rio de Janeiro, September 30, 2015 – Petróleo Brasileiro S.A. – Petrobras informs the following increase in prices at the refinery gate, which will be in effect beginning midnight, September 30, 2015: Product Reajustment* Gasoline 6% Diesel 4% * Brazil average The prices of gasoline and diesel to which these... Continue Reading →
Petrobras to cut another ten drill rigs from their portfolio in 2016
Petrobras to cut another ten drill rigs from their portfolio in 2016 The portfolio of Petrobras drill rigs should be reduced to 35 units in 2016 due to the negotiations with the drilling companies to reduce daily fees and court costs. The projection is from the E & P division at Petrobras , down from... Continue Reading →
Default on Brazil electricity market grows – traders
Default on the Brazilian electric energy market has spread to critical levels, energy traders said on Tuesday, as hydroelectric generators balk at hefty bills for which the local regulator says they are on the hook. After nearly two years of drought and long delays in completion of new generation projects such as large scale dams... Continue Reading →
EMERGING MARKETS-Brazil rises on Petrobras price, cabinet shake-up
Brazil's financial markets rose on Wednesday, with the Bovespa stock index boosted by a fuel price increase at state-run oil firm Petrobras and the currency up on a potential shake-up in President Dilma Rousseff's cabinet. Other Latin American financial markets rose as well as investors took advantage of historic lows in asset prices. Preferred and... Continue Reading →
Rousseff’s Approval at Record Low in Brazil as Economy Slips
Rousseff's Approval at Record Low in Brazil as Economy Slips Carla Simoes Raymond Colitt/Bloomberg September 30, 2015 — 10:26 AM BRT Dilma Rousseff’s popularity remained at a record low in an Ibope public opinion survey as the Brazilian president seeks support to fend off impeachment attempts and to approve austerity measures needed to shore up... Continue Reading →
Brazil Real Advances After Petrobras Moves to Raise Fuel Prices
Brazil’s real headed for its first back-to-back gain in three weeks as the state-controlled oil company said it would raise fuel prices, signaling that policy makers may need to lift interest rates further to combat inflation. One-month implied volatility was the highest in emerging markets as the currency advanced 1.9 percent to 3.985 per dollar... Continue Reading →
UPDATE 1-Brazil’s Petrobras to raise gasoline, diesel prices
UPDATE 1-Brazil's Petrobras to raise gasoline, diesel prices * Hike in prices will start from Wednesday * Petrobras grappling with debt, corruption scandal (Adds detail, background) (Reuters) - Brazil's state-run oil company Petroleo Brasileiro said on Tuesday it would raise the price of gasoline by 6 percent and diesel by 4 percent at refineries in... Continue Reading →
Brazil Primary Deficit Unexpectedly Shrinks After Downgrade
Brazil’s central government primary budget deficit shrank last month, beating estimates made by analysts who expected fiscal accounts to deteriorate. The gap, which excludes interest payments as well as municipalities and government-run companies, was 5.1 billion reais ($1.3 billion) in August, Brazil’s Treasury reported Tuesday. The median estimate of 22 economists surveyed by Bloomberg was... Continue Reading →
Brazil Energy Insight 