By Nick Cunningham of Oilprice.com
Argentina offers one of the few places on earth where oil companies are not suffering from the full force of the collapse in prices. Argentina regulates oil prices, a policy originally intended to insulate the public from the whims of the market, protecting people from triple-digit crude prices. But with the crash in prices since mid-2014, the effect of the regulation has reversed: motorists are now effectively subsidizing the oil industry.
Brazil's largest political party and decisive member of the ruling coalition said on Saturday it will take 30 days to decide whether to break with President Dilma Rousseff as she faces an impeachment battle. Calls within the Brazilian Democratic Movement Party, PMDB, to ditch the coalition have been growing as Rousseff faces a bruising recession, a spiraling corruption scandal and a probe of alleged electoral violations, as well as possible impeachment.
France's Total ready to begin drilling offshore Uruguay: risky project but it could be AN ”elephant''
France’s Total SA announced it is preparing to begin drilling one of its most important offshore exploration wells in the Americas this year as it hunts for a giant oil field in Uruguayan waters. A discovery could extend an exploration boom in a country that currently imports all of its oil and gas needs.
More than 27,733 tons, equivalent to 72% of the total salmon mortality caused by algae bloom, have been removed from the farms affected by this contingency, Chile's National Fisheries and Aquaculture Service (Sernapesca) informed. In a new report on the emergency affecting the salmon farming industry in the Chilean southern region of Los Lagos, Sernapesca pointed out that 38 farms have been affected by microalgae bloom in the Concession Groups (ACS) 1, 2, 3A, 6, 7, and 10B, with a total mortality amounting to 23.8 million fish, equivalent to more than 38,500 tons.
The Odebrecht group of companies, whose top officials have been sentenced to prison for involvement in the corruption scheme of Brazil's largest company Petrobras, has come under strong pressure from its creditors to use the crown jewel, the petrochemical company Braskem as collateral to avoid filing for bankruptcy.
Brazil’s consumer-price index slowed in February, providing relief for the country’s central bank amid its efforts to curb inflationary pressures. The consumer-price index, IPCA, rose 0.90% in February, compared with an increase of 1.27% in January, the Brazilian Institute of Geography and Statistics, or IBGE, said.
Brazil's President Dilma Rousseff rejected calls for her resignation on Friday midst a political storm deepened by a massive corruption scandal and blamed her opponents for causing a crisis that has damaged the Brazilian economy. She also confirmed her Finance minister Nelson Barbosa.
European stock markets have fallen and the Euro has soared following the economic stimulus measures announced by the European Central Bank on Thursday. After initially rising following the broader than expected package, Frankfurt closed down 2.3%, Paris ended 1.7% lower and the FTSE 100 slid 1.8%.
Stephen Hawking has called for Britain to stay in the EU, saying that a Brexit would be a disaster for UK science. A letter to the Times newspaper signed by more than 150 fellows of the Royal Society argues that leaving the EU would devastate research.
Miguel Ángel Gutiérrez looks is to become the new president of Argentina’s state-controlled energy giant YPF, it was revealed this week after Miguel Galuccio confirmed he will step down as head of the company on April 30.