OPEC and allies led by Russia postponed talks on oil output policy for 2021 to Thursday, sources said on Monday as key players still disagreed on how much oil they should pump amid weak demand due to the coronavirus pandemic.
By Gwynne Dyer – The only officials present were American and Saudi,” tweeted the Saudi Arabian foreign minister, Prince Faisal bin Farhan Al Saud, but he was lying. Israeli Prime Minister Benjamin Netanyahu really did fly in to Saudi Arabia to spend a few hours with Crown Prince Mohammed bin Salman and US Secretary of State Mike Pompeo.
Venezuela has resumed direct shipments of oil to China after U.S. sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA).
Chile’s copper production will likely rise by 0.6% to 5.82 million tons in 2020, state copper commission Cochilco said on Monday, and to 5.99 million tons in 2021. Cochilco estimated that the copper price will average US$ 2.75 per pound in 2020, before rising to US$ 2.90 per pound in 2021.
Companies that participate in Argentina’s natural gas production plan will have free access to the official foreign exchange market, the central bank said this week, opening a loophole in tight capital controls that have been in place for more than a year.
By Matthew Smith for Oilprice.com – Sharply weaker oil prices, the COVID-19 pandemic, and heightened geopolitical uncertainty have done little to blunt Brazil’s epic offshore oil boom. By September 2020 Brazil had soared to be the third-largest supplier of crude oil to China, the world’s second-largest economy.
The S&P 500 ended higher but closed just shy of a record on Monday as investors bet that a full economic reopening was finally in sight following the first positive data from a late-stage Covid-19 vaccine trial.
By Tsvetana Paraskova for Oilprice.com – Because of the increased production at the prolific pre-salt offshore basin, Petrobras expects its oil and gas production this year to exceed earlier guidance, Brazil’s state oil firm said when it reported its production figures for Q3.
A fire at an electricity substation has caused four days of blackouts in most of northern Brazil’s Amapa state, disrupting the lives of hundreds of thousands of people.
Chile’s world-leading copper industry will see investment lag for at least two years as the country rewrites a constitution that underpinned nearly three decades of mining growth in the South American nation.