Brazil’s Economy Ministry denied that the government would pay US$ 14 billion to state-controlled oil company Petroleo Brasileiro SA to settle a dispute over an oil-producing zone off the Brazilian coast known as the transfer-of-rights area.
Oil prices regained more ground on Wednesday, pushed higher after equity markets rebounded from an initial selloff at the start of 2019 trading. The price gains are not entirely convincing. WTI and Brent posted strong gains, each up more than 3 per cent by midday in New York, but come largely after U.S. equity markets shook off an earlier bout of pessimism.
The US Supreme Court will hear this Friday an appeal against an intermediate court decision accepting jurisdiction over Argentina and its majority state-owned oil giant YPF, in a case relating to YPF’s 2012 re-nationalization by Argentina, then under the rule of ex-president Cristina Fernandez.
The Paraguay group Delta Patagonia has signed an agreement with Argentina's managed oil company YPF for the acquisition of 124 gas stations in 17 provinces. The service stations will now operate under the brand Gulf Combustibles.
Brazil’s Petrobras has approved a hedging program for diesel prices in a bid to boost pricing flexibility, the state-run oil firm said in a filing on Friday. While Petrobras did not detail how its diesel hedging program would be structured, it said the move was similar to a measure taken in September, when the company introduced a hedging program for gasoline.
Argentina's energy secretary resigned on Friday, the government said in a statement, less than 24 hours after news leaked that the administration of President Mauricio Macri plans to increase electricity prices by an average 35% next year.
Oil prices jumped as much as 3% on Friday to win back a chunk of the ground they lost in the previous session, but growth in U.S. crude stockpiles and ongoing concerns about the global economy kept markets under pressure.
Favorable international demand and a recent discovery of lithium reserves in Brazil caused a rush for the metal, used in electrical batteries, reports the Folha de Sao Paulo. Two ongoing projects will elevate Brazil to the status of one of the world's largest lithium-producing countries in the next decade, according to data from the National Agency for Mining, ANM..
Venezuelan authorities have offered Russian companies to take part in gold exploration and gold mining in the country, according to Russian Ambassador to Venezuela Vladimir Zaemsky.
Venezuela’s foreign ministry on Tuesday described as “interventionist and disrespectful” U.S. comments on a weekend incident in which the country’s navy stopped two ships exploring for oil for Exxon Mobil off Guyana’s coast.