Venezuela’s oil production is running 1.5 million barrels per day (bpd) short of its historic output but it is something that the country must address itself, Ecuador oil minister Carlos Perez said. Caracas should address the shortfall on its own, added Perez on the sidelines of the CERAWeek energy conference in Houston.
United States shale oil output is set to surge over the next five years as drillers recover rapidly from a three-year slump, the International Energy Agency said, sharply upgrading its previous growth forecasts. A landmark deal in 2017 between OPEC and other oil producers including Russia to curb output in order to battle a global glut materially improved the outlook for other producers as oil prices rose sharply throughout the year, the IEA said.
Argentina’s state-owned oil company YPF SA expects shale oil and gas production to grow 35% in 2018, as costs in the Vaca Muerta shale play continue to fall, Chief Financial Officer Daniel Gonzalez said. Still, declining production in mature fields means overall hydrocarbon output will fall 2 to 3% in 2018 after a 5.3% reduction in 2017, Chairman Miguel Gutierrez said.
Motorbikes, whiskey and T-shirts are among the US goods that could be hit by EU taxes if the US imposes import tariffs on steel and aluminum. The EU has drawn up a target list of 100 US goods worth €2.8bn (US$3.5bn), the BBC understands.
A thriving “hotspot” of 1.5 million Adelie penguins, a species fast declining in parts of the world, has been discovered on remote islands off the Antarctic Peninsula, surprised scientists. The first bird census of the Danger Islands unearthed over 750,000 Adelie breeding pairs, more than the rest of the area combined, the team reported in the journal Scientific Reports.
Top economic adviser Gary Cohn is leaving the White House after breaking with President Donald Trump on trade policy, the latest in a string of high-level departures from the West Wing.
Britain has threatened a robust response if it is proven that Russia is behind the apparent attempted killing of a former double agent. Sergei Skripal and his daughter were found collapsed in their home town in southern England on Sunday, showing symptoms of poisoning.
Former Brazilian President Lula da Silva is a step closer to prison. A panel of judges on Brazil’s Superior Court of Justice on Tuesday rejected Lula da Silva’s request for an injunction that would prevent him from being imprisoned as he appeals a corruption conviction.
Chilean president Michelle Bachelet is ending her term with an ambitious proposal for a new constitution that would ensure equal pay for men and women and strengthen guarantees of the right to strike. Bachelet sent the proposal to Congress on Tuesday, just five days before she leaves office.
U.S. President Donald Trump said on Monday the U.S. is not backing down on its decision to impose 25% tariffs on steel imports and 10% tariffs on imported aluminum products. Before a White House meeting with Israeli Prime Minister Benjamin Netanyahu, Trump suggested Mexico and Canada could be exempted from the planned tariffs if a new and “fair” North American Free Trade Agreement (NAFTA) is reached.