The U.S. Energy Information Administration (EIA) said that the U.S. likely surpassed Saudi Arabia and Russia earlier this year to become the world’s top crude oil producer. The EIA based its disclosure on preliminary estimates in its Short Term Energy Outlook which is released every month.
Hunger reached 821 million people in 2017 worldwide, of which about 39 million are Latin American, according to the UN Food and Agriculture Organization (FAO). The figure represents a deterioration of 6.1% in Latin America and the Caribbean compared to previous years and could be due to the economic slowdown in South America, especially marked by the case of Venezuela, the UN agency said on Tuesday.
Argentina raised the price of biodiesel used in domestic fuel mixes in response to a sharp devaluation in the Peso currency and new taxes on primary exports, the government said in its official gazette on Monday.
Brazil’s oil regulator ANP has approved the applications of six companies—including Big Oil’s BP, Shell, and Total—to bid in next month’s oil auction of four blocks in the coveted pre-salt layer, ANP announced on Wednesday.
The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil.
By Irina Slav for Oilprice.com - The strength of the U.S. dollar poses an obstacle to further gains in oil prices. President Trump's trade war with China, which is still in its early stages, has already battered the Yuan.
Venezuela’s oil production plunged by another 47,500 barrels per day (bpd) in June, compared to a month earlier. An exodus of workers and field shut downs were reported for the month, pointing to a grim near-term future that could see total production dip below 1 million barrels per day (mb/d) by the end of the year.
When reports emerged that India and China are in talks about forming an oil buyers' club, OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. Now, it may be time for it to start worrying.
One of the main unions behind a crippling truckers' strike in Latin America's largest nation on Tuesday called on its members to return to work, warning that failing to do so would erode hard-won gains.
Benchmark oil contract Brent North Sea hit its highest level since late 2014 on Thursday, breaching US$ 80 per barrel, with some market players predicting it could rise all the way to US$ 100. Higher oil prices, in turn, pushed the shares of energy firms in European stock markets higher, helping London's FTSE to set a new all-time high, and the Paris CAC to establish a fresh 2018 peak.