Energy & Oil

Energy & Oil
Friday, January 23rd 2015 - 05:43 UTC

In “God will provide” speech Maduro admits economic failure and calls for unity

Maduro announced a new, third dollar exchange system using private brokers to counter the black market, where the currency trades at some 177 Bolivares

In a three-hour State of the Nation speech to the National Assembly on Wednesday night, president Nicolás Maduro acknowledged some of the economic realities facing Venezuela: the economy contracted by 2.8% in 2014 and inflation stood at 64%.

Thursday, January 22nd 2015 - 11:36 UTC

Oil price collapse hurting some more than others

With weak demand, drillers can negotiate down rig prices. This leads to lower costs, helping drillers stay in the game.

U.S. oil and gas rig counts dropped to their lowest level in over four years, falling by an additional 74 units for the week ending on January 16. The lower count provides fresh evidence that low oil prices are forcing drillers to pare back operations and slash spending.

Tuesday, January 20th 2015 - 05:48 UTC

Party is over in Brazil: increase in fuel, tax on consumer loans and imports

“The main goal of these measures is to boost confidence on the economy,” said Levy, who took office at the start of the year

Brazil on Monday announced tax increases on fuel, imports and consumer loans aimed at raising 20.6 billion Reais (7.7bn dollars) in additional revenues this year. The plan is part of an effort to help balance budget accounts and revive investor confidence, Finance Minister Joaquim Levy said at a news conference.

Tuesday, January 20th 2015 - 05:27 UTC

Heat wave in Brazil forces power cuts; to recover fragile system rates could increase by 60%

Brazilian officials have repeatedly denied the need for energy rationing, even as the driest spell in 80 years drains hydropower and forces use of thermal plants

Rolling blackouts swept across parts of Brazil as the grid operator ordered select power cuts to avoid a larger crisis, drawing attention to a fragile electric system that is buckling under the strains of record-breaking heat and dryness.

Saturday, January 17th 2015 - 08:00 UTC

Petrobras CEO confirmed in the job by the Energy minister

“I believe she is the right person because she is competent, and few others know the Petrobras system,” said Braga, Brazil’s minister of mines and energy

Brazil’s energy minister this week threw his support behind the CEO of Petrobras, the embattled state-run oil company embroiled in a vast corruption scandal that has dominated national headlines. Maria das Graças Silva Foster will keep her job as CEO, the minister said, despite growing demands for her resignation.

Saturday, January 17th 2015 - 07:49 UTC

Petrobras corruption scheme could reach 28bn dollars according to police

The criminal investigation also involves foreign companies and 750 additional infrastructure contracts, revealed Ms. Marena

The corruption scheme in Brazil's leading corporation Petrobras could exceed 28 billion dollars, making it the largest corruption scandal that the country has ever seen. The development was reported through an interview by Reuters of Brazilian police officer, Erika Marena, investigating the corruption probe.

Friday, January 16th 2015 - 05:23 UTC

YPF increased output during 2014; refinery strike threatens supply of fuel

The results testify to the sustained work of YPF over the past 3 years that has managed to reverse the decline and maintain production growth, said the release

YPF's oil and natural gas production rose in 2014 for the second year running, Argentina's state-run energy company said on Thursday. Oil production rose 8.7% last year, while gas output was up 12.5%, YPF said, although the company did not publish annual output volume.

Thursday, January 15th 2015 - 08:13 UTC

Five ways to play the oil price plunge

The cost of finding and “lifting” a barrel of oil out the ground varies between $16.88 in the Middle East to $51.60 offshore in the United States

The collapse of the oil price has created losers and winners, and like every major movement in a commodity sector, the trick for investors is figuring out which side of the trade to be on.The most obvious victim of the slide in Brent and WTI prices over the last 6 months has been the major oil producers. Holders of these equities have seen price slides up to 33%.

Thursday, January 15th 2015 - 05:09 UTC

Premier drastically cuts spending; Falklands projects included in 2015 agenda

The company is reducing investments to develop fields by 40% to around U$S 600 million and is renegotiating rates with suppliers of top 25 projects.

UK hydrocarbons producer Premier Oil with strong interests in the Falklands expects to book a 300 million dollars impairment charge due to the plunge in oil prices and plans to cut jobs and investment by 40% compared to 2014, to rein in costs, it said on Wednesday.

Wednesday, January 14th 2015 - 07:47 UTC

OPEC member stands by group's decision not to cut output to tackle glut

United Arab Emirates' oil minister, Suhail bin Mohammed al-Mazroui, said that OPEC's November decision not to cut output had been the right one.

Brent and US WTI crude oil prices fell to their lowest levels in almost six years on Tuesday as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market.

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