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MercoPress, en Español

Montevideo, December 5th 2025 - 04:03 UTC

Tag: oil

  • Wednesday, December 27th 2017 - 14:54 UTC

    Gasoline, another kind of business in Venezuelan scarcity

    Usually the smugglers sell 20 liters at a price of 1,600,000 Bs –or more-, which is equivalent to 3 and a half minimum salaries approximately. Photo: Santi Donaire<br />

    It is paradoxical how a country with the largest oil reserves in the world has a shortage of gasoline. Of course, Venezuela does not produce gasoline as such, but sells crude oil and imports gasoline, so with the sanctions imposed by various nations and the very crisis that PDVSA (State Company) suffers - which according to the unions works approximately 13% of its capacity- complicate the problem.

  • Wednesday, December 27th 2017 - 10:44 UTC

    Brazil is the world's ninth largest producer of hydrocarbons

    Brazil has produced 3.3 million barrels per day (b/d) of hydrocarbons so far in 2017, according to data through August, up from 3.2 million b/d in 2016

    Brazil has produced 3.3 million barrels per day (b/d) of petroleum and other liquids so far in 2017, according to data through August, up from 3.2 million b/d in 2016, making it the ninth-largest producer of petroleum and other liquids in the world. Production of crude oil in Brazil increased in recent years as producers targeted large, offshore, pre-salt oil deposits. Brazil’s pre-salt oil production in 2016 reached a record 1.02 million b/d, surpassing the 2015 production level by 33%.

  • Saturday, December 23rd 2017 - 10:11 UTC

    Petrobras 2018/22 business plan foresees US$ 74.5bn investments

    The company said it is “maintaining the same level of investments”, and “continues to prioritize oil exploration and production projects in Brazil.”

    Petrobras' business and management plan for 2018 through 2022, approved by the Brazilian state-owned oil company's board of directors, foresees investments of US$ 74.5 billion, slightly higher than the US$ 74.1 billion projected in the previous 2017-2021 program.

  • Monday, December 18th 2017 - 13:35 UTC

    Russia again becomes main supplier of oil for Cuban refinery

    “Since August 2017, the Cienfuegos refinery has been operating as a fully Cuban state entity,” the ruling Communist Party’s newspaper Granma wrote.

    Venezuela has pulled out of a partnership with Cuba in its Cienfuegos oil refinery and the Caribbean island has taken full ownership of the plant, Cuban state media said. Venezuela is grappling with an economic crisis that already forced it to slash cheap oil shipments to Cuba, which has had a knock-on effect on the island’s ailing economy.

  • Wednesday, September 28th 2016 - 12:26 UTC

    Iran-Saudi Arabia can't agree on limiting oil supply: “maybe in November”

    “The gap between OPEC countries is narrowing. I don't expect that an agreement will come out of the consultations tomorrow,” Saudi minister Khalid al-Falih said

    Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.

  • Tuesday, September 6th 2016 - 19:36 UTC

    Cuba looking for new oil supplier and begins implementing social security tax

    According to Russia's RT news agency Raul Castro made the request directly to Vladimir Putin

    President Raul Castro has asked Russia to consider beginning to supply Cuba with oil. Before the Soviet Union’s disintegration in 1991, the ex URSS was Cuba’s main supplier under favorable trade terms. Russia's official news network revealed the news, allegedly in a direct request from Castro to president Vladimir Putin.

  • Wednesday, February 25th 2015 - 16:41 UTC

    The easy oil is gone so where do we look now?

    The 'shale revolution' has seen U.S. shale oil production soaring from 600,000 barrels a day in 2008 to 3.5 million barrels a day in 2014

    In 2008, Canadian economist Jeff Rubin stunned the oil market with a bold prediction: With the world economy growing at 5% a year, oil demand would grow with it, outpacing supply, thus lifting the oil price from $147 to over $200 a barrel.

  • Wednesday, October 15th 2014 - 08:16 UTC

    Oil prices hit new lows with prospects of further slide; excess supply, weak demand

    In its monthly oil market report, the IEA said Opec production hit a 13-month high in September.

    Global oil prices have fallen further after the International Energy Agency (IEA) reported higher output and cut its forecast for demand growth. Brent crude fell 2.72 to 86.17 dollars a barrel before seeing a slight recovery, while US crude dropped 1.75 to 83.99.

  • Thursday, February 7th 2013 - 21:44 UTC

    Argentina says Falklands’ issue “smells too much like petroleum

    “UK uses the British citizens that live in Malvinas to justify his intransigence”, said Timerman (Photo: Reuters)

    Foreign Minister Héctor Timerman said on Thursday that the British government’s position on the Falklands/Malvinas Islands issue “smells too much like petroleum”, revealing that UK’s biggest interest in keeping the invaded archipelago is due to the potential oil findings.

  • Wednesday, January 9th 2013 - 05:02 UTC

    Argentina rapidly changing oil/gas industry levies to attract foreign investment

    Energy companies will receive 70 dollars for barrel of oil exported up from 42 dollars

    Argentina unveiled a new system of export duties on oil shipments that will cut levies as the government seeks to attract investment to revive stagnant production. The change means energy companies will receive 70 dollars per barrel of exported oil, up from 42 previously. Argentina controls the price of oil exports in order to guarantee domestic supply.