Argentina’s state-owned oil company YPF SA posted a full-year 2017 profit of 12.7 billion pesos (US$ 627.16 million), the company said, rebounding from a 28.4 billion-peso loss in 2016.
Oil prices rose early on Monday ahead of a meeting between OPEC and U.S. shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut. Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other global oil players are set to gather in Houston as CERAWeek, the largest energy industry conference, begins on Monday.
The U.S. is one of the few areas of the world in which there is an energy investment boom underway, a development that could smooth out the uncertainties of geopolitical events around the world. At the same time, outside of the U.S., there is a deterioration of stability in many oil-producing regions, aggravating risks for both oil companies and the oil market, according to a new report.
Failing to strike a Brexit deal would put hundreds of thousands of jobs in the car industry at risk, MPs have said. The Business, Energy and Industrial Strategy Committee said continued close alignment with the EU would ensure the industry's survival. And it warned the introduction of trade barriers would leave the sector unable to compete with its European rivals.
The governor of Sao Paulo and likely centrist presidential candidate Geraldo Alckmin said that he would privatize Brazil's state-run oil company Petrobras if he wins the elections in October.
Mexican state-owned oil company Pemex reported a nearly US$18 billion fourth-quarter loss on Monday after both crude output and processing slid, though the company said refining levels should rebound as major maintenance plans are completed. The company posted a 352.3bn (US$17.9bn) peso loss for the last quarter of 2017, blaming a weaker peso exchange rate and higher financing costs for its performance, according to a filing with the Mexican stock exchange.
Big Oil is due for a disruption.
The Falkland Islands Government, FIG, has issued a public consultation document covering the taxation regime for oil companies operating in the Falkland Islands and their associated supply chain partners. This consultation will be open until Friday 6 April 2018 for responses from interested parties, which will be summarized and fed into final policy and legislative design later during 2018.
The U.S. Commerce Department piled on more import duties on biodiesel from Argentina and Indonesia, adding anti-dumping duties of 60.44% to 276.65% to already steep anti-subsidy duties on the fuels.
The pre-sale of Petro began early on Tuesday, the cryptocurrency proposed by the Venezuelan government in recent weeks and backed by the country's natural resources. According to experts, it is “ridiculous”, arguing that the creation of a new currency would aggravate the economic crisis in the Caribbean country.