Brazilian sugar companies are increasing their capacity to produce ethanol in the face of depressed global sugar prices and government policies expected to boost demand for the biofuel. A shift to ethanol in the 2018-19 season slashed Brazil’s sugar output by 9 million tons to a 12-year low and more switching to the biofuel next season could help to wipe out a global surplus weighing on sugar prices.7 comments
Qatar said it will quit OPEC to focus on gas in a swipe at Saudi Arabia, the de facto leader of the oil exporting group which is trying to show unity in tackling an oil price slide. Doha, one of OPEC’s smallest oil producers but the world’s biggest liquefied natural gas (LNG) exporter, is embroiled in a row with OPEC members Saudi Arabia and the United Arab Emirates.Add your comment!
The Inter-American Development Bank (IDB) has approved two financing packages worth a total of US$ 130 million in support of a program to modernize the Argentine-Uruguayan bi-national hydroelectric power plant in Salto Grande and a program to boost the competitiveness of the productive and tourism sectors of that region, made up of the departments of Concordia and Federacion in the Argentine province of Entre Ríos and Salto department in Uruguay.Add your comment!
Oil prices surged in early trading on Monday after the United States and China agreed on a truce in their trade conflict and ahead of a meeting by producer club OPEC this week that is expected to result in a supply cut.Add your comment!
President-elect and former army captain, Jair Bolsonaro, has named a Navy admiral as his Mining and Energy minister. The appointment marks the eighth member of the armed forces to Bolsonaro's government and the 20th Minister appointed so far.
The Brazilian economy accelerated sharply in the third quarter as record-low interest rates and a one-off government-led boost helped it bounce back from the impact of a nationwide truckers’ strike. Gross domestic product rose 0.8% from the second quarter and 1.4% from the third quarter of 2017, government statistics agency IBGE said on Friday.
Oil prices edged lower on Friday due to concerns of oversupply and a strong dollar. The two benchmarks, North Sea Brent LCOc1 and U.S. crude CLc1, still have had their weakest month in more than 10 years in November, losing more than 20% as global supply has outstripped demand.
Argentina and China are aiming to close a deal within days for the construction of the country's fourth nuclear power plant, a multi-billion dollar project that would cement Beijing’s deepening influence in a key regional U.S. ally.
The average price of gasoline at Petrobras' refineries has dropped around 20% in November as of Tuesday but that decrease will not hit retail prices anytime soon. The state-run petroleum company made the announcement Monday, but gas stations were reluctant to follow suit, at least not at the same level.
Over the past few years, Brazil has held several very successful oil auctions under production-sharing contracts in its pre-salt layer, attracting major oil companies to its prized offshore oil area.