Brazilian President Jair Bolsonaro effectively ruled out raising gasoline taxes on Thursday, a blow to the ethanol industry which had asked for a gasoline tax hike to boost its competitiveness amid the novel coronavirus pandemic.
The global copper market is headed for a surplus of between 200,000-300,000 tons in 2020, the head of the miner Antofagasta told Chilean media, with operation halts at some mines offsetting depressed demand due to the coronavirus pandemic.
Petrobras set a new oil exports record of 1 million BPD in April, as domestic demand plunged, the Brazilian state-controlled oil firm said on Monday, days after a large group of other oil producers, OPEC+, began a 9.7-million-BPD collective cut aimed at rebalancing the market.
Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic.
The U.S. State Department, the Treasury Department and the U.S. Embassy in Mexico are investigating at least two Mexican firms involved in an oil-for-food pact signed in 2019 with Venezuela’s government, U.S. officials said.
Rockhopper Exploration has provided an update on its previously announced Heads of Terms with Navitas Petroleum LP to farm into the Sea Lion project in the North Falkland Basin.
A Buenos Aires crude oil refinery operated by Argentine state-controlled energy firm YPF is running with a minimal level of workers due to a drop in consumption and a lack of storage space amid a crash in global oil prices during the coronavirus pandemic, a spokesman said on Wednesday.
Colombia’s Ecopetrol said on Monday it raised US$ 2 billion through more than a doubly subscribed bond issue. Majority state-owned Ecopetrol issued 10-year paper due April 29, 2030, with a 7% yield.
Already grappling with one of Brazil’s most severe outbreaks of the novel coronavirus and a budget deep in the red, Rio de Janeiro state faces a potential threat to its solvency at the hands of investment giants PIMCO and Dodge & Cox.
President Donald Trump on Tuesday ordered his administration to come up with a plan to aid US oil companies struggling with a massive supply glut and record low crude prices. “We will never let the great U.S. Oil & Gas Industry down,” Trump tweeted.