Energy & Oil

Monday, May 11th 2020 - 08:31 UTC
Oil glut and lack of storage continues to weigh on oil prices

Oil prices opened about one percent lower on Sunday as a persistent glut continued to weigh on prices and COVID-19 eroded global oil demand even as some governments began to ease lockdowns.
Saturday, May 9th 2020 - 07:59 UTC
Bolsonaro rules out raising gasoline taxes to support the ethanol industry

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.
Thursday, May 7th 2020 - 13:04 UTC
Chile anticipates a glut of some 200.000/300.000 tons of copper in 2020

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.
Wednesday, May 6th 2020 - 09:40 UTC
Petrobras record oil exports of one million barrels per day in April

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.
Saturday, May 2nd 2020 - 07:20 UTC
Shell announced it was cutting its dividend for the first time since World War Two

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.
Friday, May 1st 2020 - 08:31 UTC
US looking into Mexican firms involved in oil for food accord with Venezuela

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.
Friday, May 1st 2020 - 08:27 UTC
Rockhopper, Premier and Navitas LP confirm Falklands' Sea Lion farm-in agreement

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.
Thursday, April 30th 2020 - 08:39 UTC
Argentina refineries running at minimum capacity because of lack of demand

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.
Tuesday, April 28th 2020 - 07:12 UTC
Colombia's oil company raises funds in bonds market and plans to cut production

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.
Friday, April 24th 2020 - 08:25 UTC
With oil royalties plummeting, Rio state challenged by investment funds

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.