Energy & Oil

• Tuesday, March 21st 2023 - 10:10 UTC

  Venezuelan oil minister resigns amid corruption scandal

  

  Venezuelan Oil Minister Tareck El Aissami Monday resigned his post on Monday after the opening of a corruption investigation involving the state-owned oil company Petróleos de Venezuela (PDVSA) in which two officials have already been arrested. El Aissami, a powerful ally of President Nicolás Maduro, has been singled out by the United States as an alleged drug lord.

• Tuesday, March 21st 2023 - 09:47 UTC

  Argentine electricity company under intervention for 180 days

  

  Following seemingly endless power cuts in the Buenos Aires area, Federal Economy Minister Sergio Massa ordered the intervention of suppliers Edesur and appointed Jorge Ferraresi as the company's new controller for a period of 180 days.

• Friday, March 17th 2023 - 00:44 UTC

  With the collapse of Credit Suisse, oil prices continue to slide, 10% in a week

  

  Oil prices continued their slide on Wednesday after another banking fallout unsteadied the market further. WTI plunged 4.21% on Wednesday, falling below US$ 70 for the first time since December 2021 to US$ 68.33 per barrel ET. Brent Crude fell over 3.94% to US$ 74.40, for a loss of US$ 3.05 per barrel.

• Friday, March 17th 2023 - 00:20 UTC

  UN chief Guterres accuses oil and gas companies of making “immoral profits”

  

  UN Secretary-General Antonio Guterres accused oil and gas companies of making “excessive” profits from the energy crisis sparked by the war in Ukraine, calling it “immoral.” Guterres, releasing a UN report on the consequences of Russia's invasion of Ukraine, urged governments to tax the companies' earnings.

• Thursday, March 16th 2023 - 06:57 UTC

  Week-long power cuts hit 100,000 households in Buenos Aires

  

  Residents of the Autonomous City of Buenos Aires (CABA) took to the streets Wednesday after days without electricity amid sweltering heat with no end in sight to their plight.

• Wednesday, March 8th 2023 - 10:05 UTC

  Argentina clinches CAF loan for gas pipeline development

  

  Argentina has secured a US$ 840 million loan from the Development Bank of Latin America (CAF), which will be largely allocated to the construction of the “President Néstor Kirchner” gas pipeline, it was announced Tuesday.

• Thursday, March 2nd 2023 - 08:09 UTC

  Power cut hits nearly 40% of Argentine households

  

  About 40% of Argentine households were reported to have been left powerless Wednesday afternoon amid unprecedented heat following “several failures in the interconnected system” stemming from a fire that “disturbed a 500 kw high voltage line that connects Campana with General Rodríguez” in the province of Buenos Aires, according to local media.

• Thursday, February 23rd 2023 - 09:40 UTC

  Uruguay importing over 50% of its electricity

  

  A report released Tuesday by Uruguay's Electricity Market Administration (ADME) showed that energy imported from Argentina and Brazil made up over 50% of the South American country's supply.

• Wednesday, February 15th 2023 - 09:57 UTC

  Europe bans sales of fossil fuel-powered cars as of 2035

  

  The European Parliament approved the draft regulation ending the sale of new petrol- and diesel-powered vehicles by 2035, it was reported Tuesday. The measure was passed by 340 votes in favor, 279 against, and 21 abstentions.

• Friday, February 3rd 2023 - 10:14 UTC

  Uruguay's Ancap to lose US$ 72m during refinery maintenance

  

  Uruguay's state-run oil company Ancap will lose US$ 72 million due to the remodeling of the La Teja Refinery to be carried out between September and December this year, during which time fuel will need to be imported, it was reported in Montevideo.