Energy & OilEnergy & Oil
As the US President Barack Obama administration slowly inches towards normalizing its relations with Cuba, pressure is mounting on the new president to lift the decades-old, and universally acknowledged, anachronistic embargo.
Latinamerica will experience this year a 1.7% contraction (negative growth), the first time since 2002, basically because of a severe fall in global trade and remittances according to the United Nations Economic Commission for Latinamerica and the Caribbean, CEPAL.
Crude prices continued to surge on Wednesday, rallying on the news that US inventories fell more than expected and Chevron confirmed a fire at its Nigerian oil facility. Light, sweet crude for July delivery jumped 1.32 dollars, 1.9%, to settle at 71.33 dollars a barrel on the New York Mercantile Exchange, the highest close in seven months.
A consortium led by Spanish oil firm Repsol YPF SA (REP) plans to explore for oil in international waters between Argentina and the Falkland Islands, officials from the company said Monday.
After years of import disruptions and domestic gas shortages, Chile’s energy industry is now eagerly awaiting the arrival of the first liquefied natural gas (LNG) shipment to the country’s new LNG terminal, located in the city of Quintero (Region V).
Spanish energy company Grupo Guascor will build a 2.4 billion US dollars wind power park in Argentine Patagonia, which could be the largest in the world said on Monday Jose Grajales president of the corporation
The Cuban government has threatened with cutting power to companies and entities that do not comply with the “exceptional measures” which become effective Monday to save fuel and help the rapidly deteriorating island’s economy, aggravated by the current global financial crisis.
Oil surged past 65 US dollars a barrel on Thursday to a fresh six-month high after OPEC decided to keep output unchanged and data showed a steep drop in US crude inventories.
Differences between Brazil and Paraguay over the world’s largest operational hydroelectric dam, Itaipú, are a “political problem” and not an energy issue according to Marco Aurelio García, international affairs advisor to the Brazilian Executive.
Woodland in Brazil is being cut down, day after day. The local people say they need it to make a living. This is not the Amazon rainforest deforestation, but the woody landscape of Caatinga in the North Eastern corner of Brazil. Caatinga’s inhabitants are cutting wood for cooking.