Energy & Oil

Monday, July 20th 2020 - 09:29 UTC
Brazilian oil industry showing resilience to coronavirus pandemic despite fall in investment

By Matthew Smith for Oilprice.com – Before the outbreak of COVID-19 and the oil price war between Saudi Arabia and Russia, an oil boom of monumental proportions was underway in Brazil, Latin America’s largest economy. Economists and industry analysts as far back as 2018 were speculating that it would be the largest in Latin America’s history. There were even signs that Brazil’s burgeoning oil production could challenge OPEC’s wanning supremacy.
Wednesday, July 15th 2020 - 08:55 UTC
Exxon resumes drilling in Guyana; local politics battle over the future oil revenue

Exxon Mobil resumed drilling in Guyana last month, underscoring its dedication to the offshore hotspot despite the oil price crash and a messy turn in local politics.
Wednesday, July 15th 2020 - 08:52 UTC
Canadian investors question Mexican government energy policy, which privileges the state's role

As Mexico celebrated a new trade deal with the United States and Canada on July 1, a group of Canadian energy investors warned their government that Mexico could already be violating the agreement for failing to respect contracts.
Tuesday, July 14th 2020 - 09:50 UTC
The virus has reached Petrobras offshore oil rigs; prosecutors investigations into the outbreaks

On Friday, May 1, two workers on the PXA-1 offshore platform owned by Brazil's state-run oil company Petrobras checked into the facility's infirmary complaining of headaches and fever-like symptoms. Another Petrobras employee fell visibly ill the following day, according to Brazilian media.
Tuesday, July 14th 2020 - 09:49 UTC
Russia replaces Venezuela as supplier of heavy fuel to US refineries

Russia kept fuel oil exports to the United States close to its record-highs in the first six months of this year, as Washington looks to replace the heavy Venezuelan barrels it stopped buying a year ago, traders said and data showed.
Monday, July 13th 2020 - 08:39 UTC
Copper prices hit their highest in two years, over a Chilean miners' strike

Shanghai copper hit its highest in nearly 25 months on Monday, while London copper scaled a 24-month high, on supply worries from top producer Chile due to a potential strike at a mine.
Friday, July 10th 2020 - 07:56 UTC
Copper recovering strongly, and at its highest levels since January

Copper raced to its highest levels since January this week as speculators piled into the market, betting on further disruptions in top producer Chile and firm demand from the biggest consumer China.
Friday, July 10th 2020 - 07:48 UTC
Demand for FPSO vessels tumbles but could pick up in 2021 estimates oil industry

Beset by the second industry downturn in five years, global awards for floating production, storage and offloading (FPSO) vessels will likely number just one in 2020 as exploration and production firms cut budgets and activity, Rystad Energy predicted. However in 2021 should be a recovery year mainly in Brazil and Guyana and probably in the Falkland Islands.
Friday, July 3rd 2020 - 08:48 UTC
US prosecutors file a lawsuit to seize gasoline aboard four tankers heading to Venezuela from Iran

United States prosecutors filed a lawsuit to seize the gasoline aboard four tankers that Iran is trying to ship to Venezuela, the latest attempt by the Donald Trump administration to increase economic pressure on the two U.S. foes.
Monday, June 29th 2020 - 10:55 UTC
COVID-19 could crush Argentina’s shale boom

By Nick Cunningham of Oilprice.com – Holding some of the largest shale oil and gas reserves in the world, Argentina is often cited as the likely candidate for the next big shale boom, and Vaca Muerta is often described as having the potential to be South America’s Permian basin.