Energy & Oil

• Monday, April 3rd 2023 - 09:42 UTC

  OPEC+ countries announce cut in output to keep price stable

  

  Oil-producing countries grouped under OPEC+ Sunday announced a voluntary cut in crude output of around 1.15 million barrels per day (bpd) in addition to a 2-million reduction agreed upon in October to boost prices, it was reported. The measure will come into effect in May and last until the end of this year.

• Monday, April 3rd 2023 - 09:06 UTC

  EU should reconsider electric cars-only plans: not enough lithium

  

  Europe's plans to ban all fossil fuel-powered vehicles by 2035 might be thwarted by the world's lithium supply not being large enough, according to a Financial Times report published Sunday. If the European Union is to switch to electric cars, demand for lithium will skyrocket and there would not be as much supply, the article noted.

• Wednesday, March 29th 2023 - 10:44 UTC

  Brazil leading exports depend on China: 70% of soybeans and 63% of iron ore

  

  Brazil’s main trading partner, China, is the destination for over a quarter of total Brazilian exports, involving more than US$90 billion in 2022 in transactions of commodities such as soy, crude oil, and iron ore – products that dominate the bilateral agenda between the two nations.

• Monday, March 27th 2023 - 10:11 UTC

  Falklands Sea Lion development offshore could be reached next year, estimates Rockhopper Exploration

  

  A final investment decision for the long-stalled Sea Lion development offshore the Falkland Islands could be reached in 2024, Rockhopper, a partner in the project announced in its site, after Navitas Petroleum, the project operator, presented it with an updated development plan.

• Sunday, March 26th 2023 - 14:32 UTC

  Borrell warns lithium can make Latin America the “new Persian Gulf”

  

  The European Union's High Representative for Foreign Policy Josep Borrell said during an interview in Santo Domingo where he is attending the XXVIII Ibero-American Summit that Latin America is underestimated when it has the potential of becoming the “new Persian Gulf.”

• Wednesday, March 22nd 2023 - 10:16 UTC

  Maduro appoints new Petroleum Minister

  

  Venezuelan President Nicolás Maduro Tuesday appointed Col. Pedro Tellechea as the new Minister of Energy and Petroleum.

• Tuesday, March 21st 2023 - 10:10 UTC

  Venezuelan oil minister resigns amid corruption scandal

  

  Venezuelan Oil Minister Tareck El Aissami Monday resigned his post on Monday after the opening of a corruption investigation involving the state-owned oil company Petróleos de Venezuela (PDVSA) in which two officials have already been arrested. El Aissami, a powerful ally of President Nicolás Maduro, has been singled out by the United States as an alleged drug lord.

• Tuesday, March 21st 2023 - 09:47 UTC

  Argentine electricity company under intervention for 180 days

  

  Following seemingly endless power cuts in the Buenos Aires area, Federal Economy Minister Sergio Massa ordered the intervention of suppliers Edesur and appointed Jorge Ferraresi as the company's new controller for a period of 180 days.

• Friday, March 17th 2023 - 00:44 UTC

  With the collapse of Credit Suisse, oil prices continue to slide, 10% in a week

  

  Oil prices continued their slide on Wednesday after another banking fallout unsteadied the market further. WTI plunged 4.21% on Wednesday, falling below US$ 70 for the first time since December 2021 to US$ 68.33 per barrel ET. Brent Crude fell over 3.94% to US$ 74.40, for a loss of US$ 3.05 per barrel.

• Friday, March 17th 2023 - 00:20 UTC

  UN chief Guterres accuses oil and gas companies of making “immoral profits”

  

  UN Secretary-General Antonio Guterres accused oil and gas companies of making “excessive” profits from the energy crisis sparked by the war in Ukraine, calling it “immoral.” Guterres, releasing a UN report on the consequences of Russia's invasion of Ukraine, urged governments to tax the companies' earnings.