Brazil

Executives from global commodities traders and financial companies, such as Trafigura, StoneX, and Macquarie are expanding their presence in Brazil's energy trading market. They are betting on the rising volatility of prices and the long-term growth of this sector, even though a wave financial distress is hitting local players. As several Brazilian power traders are facing financial problems, international groups with a large amount of capital can now gain a larger share of one the largest electricity markets in the world. StoneX's local segment head, Marcelo Mello, has announced that the company has opened its first global trading desk for...

Magda Chambriard, the CEO of Petrobras, said in a call with analysts on Friday that it is likely that the state-controlled oil company in Algeria will produce more oil by 2026 than what was forecast. She stated that the company's oil production in the second quarter exceeded its target by 200,000 barrels a day. According to a presentation by the company, Petrobras produced an average 2.6 million barrels a day so far this year. This is higher than its target of 2.5 millions barrels a day. Chambriard told journalists that 2.7m barrels a day would be an impressive result. She...

Petrobras, Brazil's state oil company, reported a 96% increase in net profit for the second quarter, to 52.4 billion Reais. This is the third highest result in its history. Petrobras earnings exceeded the 44.7 billion reais predicted in an LSEG survey. In a separate filing, the company said it would pay out 17.4 billion reais or 1.35 reais for each share in dividends and equity interest to its shareholders. In a press release, Fernando Melgarejo, Chief Financial Officer of Petrobras said: "The operational records that we achieved in this second quarter resulted in one of the best quarterly financial results...

SBM Offshore, a Dutch floating production specialist, raised its '2026 forecast for the second year in a row on Thursday. The company said that the first-half revenue had more than doubled due to the sale of FPSO One Guyana and increased activity. The company's consensus estimate of $4.65 billion was beaten by the $4.9 billion generated in revenue. Earnings before interest, taxes, depreciation and amortization (EBITDA), which is a measure of earnings, rose 92%, to $1.3 billion. The company increased its 2026 revenue forecast from $6.9 billion to $7.6 billion and raised?its EBITDA directional target from $1.8 billion to $1.9...

Dario Durigan, the Finance Minister, said on Tuesday that Brazil will eliminate a portion of its diesel subsidy. The program was introduced this year to help limit the impact if higher oil prices in the global market. Durigan, a journalist in Brasilia, said that Brazil will cut its 0.35 reais per liter subsidy from July. Durigan told journalists in Brasilia that the Brazilian government will cut a subsidy of 0.35 reais ($0.068) per liter from July. Durigan stated that Brent crude oil is now above its pre-war level but has dropped significantly since its peak. This allows for the move...

According to LSEG and market sources, Russia's seaborne exports of oil products fell 15% a month on a monthly basis to about 3.3 mt in the first 15 days of June. This was due to?unplanned maintenance?following repeated ukranian drone attacks. Shipping data shows that the number of diesel loadings at the Baltic port Primorsk - Russia's main outlet for ultra-low sulphur fuel (ULSD) – dropped by 18% to 520,000 tonnes in the first half of June compared with the same period last year. Ukraine has intensified drone strikes on Russia's energy infrastructure, with the number of oil refining facilities targeted...

According to documents and a source close to the issue, Brazilian refineries have sold more than 100 million liters (or gallons) of naphtha allegedly to a company under investigation for an alleged fraud scheme that involves a criminal group designated as a terrorist organisation by the U.S. Documents from the oil regulator ANP reveal that Riograndense was a major supplier. It is a refinery located in southern Brazil, owned by Petrobras (the state-run oil company), Braskem, and Ultrapar. According to a source close to the investigation, the solvent producer Petrodansk received the naphtha. They were accused by the state of...

As of Friday, the U.S. designated Brazil's largest criminal groups as "Foreign Terrorist Organizations" (FTOs). This is likely to increase risks and costs of doing business in Brazil where gangs are well-established. Comando Vermelho (CV), and Primeiro Comando da Capital, both of the 'biggest Brazilian crime gangs, began in prisons during the 1970s. Since then, they have grown to dominate drug trafficking in South America and their money laundering operations have spread into the far corners of Brazil’s mainstream economy. Investigators have recently discovered that both groups are deeply embedded in sectors like fuel distribution, real-estate and finance. They also...

In a Sunday statement, Brazil's state oil company,?Petrobras?, announced that it would lower the diesel price to distributors starting June 1 by 0.3515 Reais per liter. This follows an announcement from the Brazilian government regarding a cashback program for producers and importers. Petrobras said that the average price it charges distributors for a liter of gasoline will drop to $3.30 ($0.6552) from $3.65 previously. The Brazilian 'government' announced on Saturday a new cashback scheme for diesel producers and importers of 0.35 Reais per liter. This system is also scheduled to begin in June?1. It will compensate for the ending of...

Brazil's federation tax revenues surged in April according to a report released on Thursday. The increase was attributed to higher oleo-related receipts, as the elevated oleo-price linked to the U.S./Israel war against Iran lifted government intake. Total revenue was 278.823 reais ($55.86billion), an increase of 7.82% over a year ago in real terms. This is a record month and follows a pattern that has been repeated in "every month" this year. The federal'revenue service' grew tax revenue by 7.31 percent in real terms during April. Meanwhile, receipts from?other agencies -- mainly oil royalties -- jumped by 14.89 percent. Latin America's...

Two sources familiar with the investigation said that the Brazilian federal police had targeted the former governor of Rio de Janeiro, Claudio Castro, and the owner Refit Refinery Ricardo Magro as part of an investigation into alleged tax evasion. Castro and Magro did not immediately respond to a request for comment from. The police, without naming any suspects, said that they had launched an investigation into a conglomerate in the fuel industry suspected of concealing assets, faking assets and transferring money abroad. According to a statement, the Supreme Court ordered that assets worth approximately 52 billion Reis ($10.4 Billion) be...

In a filing on Monday, Brazil's state-run Petrobras said that it had missed market expectations in its?first quarter net profit. The?impact? of higher oil prices due to the Middle East conflict has yet to be reflected in the results. Petrobras reported a net loss of approximately 32.7 billion reals ($6.68 billion) - down 7.2% compared to a year earlier. In a separate filing, the company approved a dividend payout of 9 billion reals to its shareholders. The company stated that the increase in oil prices following the U.S. - Israel conflict with Iran, which began in late February, would only...

The top executive of BYD in Brazil said that the Chinese automaker will launch its first Brazilian-made plug-in hybrid flex fuel car on Tuesday, after a two year?investment. In an interview, Senior Vice-President Alexandre Baldy revealed that the Song Pro Super Hybrido Flex Fuel, which hits dealerships in Brazil on Wednesday features a powertrain capable of running on gasoline, electricity or ethanol. He added that the GL version's range on electric power alone is 60 km (37 mi) and 120 km for a higher-end GS model. Baldy stated that the vehicle was built at BYD’s Camacari factory in northeastern Bahia...

After weeks of tensions in governance, Vale shareholders elected Manuel 'Lino' Oliveira to the position of?chairman? of its Brazilian mining company?s board?. This was a decision backed by Previ, Vale?s largest shareholder. Oliveira was elected after the resignation of former Chairman Daniel Stieler earlier this month. About a month later,?pension funds Previ and?pension fund Previ had requested a meeting for shareholders to vote on his removal. Previ, a pension fund that holds a 7% stake and manages retirement funds for Banco do Brasil employees, argued that Oliveira could help improve governance at?one?of?the world's largest iron-ore producers. Oliveira (also known as...

Brazil will 'unveil its National Mining Plan 2050' on Thursday. The Mines and Energy Ministry said that the plan aims to increase Brazil's share of global production of?critical minerals? to 12.2% in 2050, up from its current 8.3%. The draft plan will be submitted to the National Mining Policy Council, but it does not require its approval. Brazil will also reduce its dependence on imported phosphate and potassium fertilizers to 34.9%, from 87.3%. The government intends to publish an action plan more detailed within 180 days that will outline the measures to be taken over the next 4 years to...

South32, an Australian company, announced on Wednesday that it had agreed to sell the'majority' of its aluminium assets for up to $5.6 billion. Alcoa acquired the individual interests of the diversified mining company in Australia's Worsley Alumina, South Africa’s Hillside Aluminium and Brazil's MRN Bauxite Mine, Brazil Alumina Refinery, and Brazil Aluminium Smelter. South32 said that the U.S. aluminium giant will also assume rehabilitation provisions of around $1.2 billion. Matthew Daley, the new CEO, said that "our business will be simpler, with a portfolio of upstream operations with higher margins, reduced complexity, and greater resilience." This will allow for a...

Jozef Sikela, EU Commissioner for International Partnerships, said on Saturday that the European Union sees Brazil as a partner to help diversify Brazil's mineral supply. The deal, he says, will benefit Brazil's development goals. The Commissioner visited the Rare Earth Research & Processing Center of Australian Mining Company Viridis in Pocos de Caldas in the southeastern state Minas Gerais. This is one of the four priority projects chosen to accelerate the collaboration between EU and Brazil. Sikela stated that the European approach places emphasis on sustainable business practices and local rare earth processing. This is in line with Brazil's efforts...

Metals such as lithium, copper and rare earth elements, which are associated with the energy transition, have been the most consistently bullish commodities in recent years. Iron ore miners want to add their product?to the list. Steel demand in South and Southeast Asia is expected to remain robust and will more than offset the decline in production in China and Western Europe. This was the consensus opinion at this week's industry meeting in Singapore. The optimism of iron ore miners was not shared by those who advocated decarbonising the steel industry. They realised that green steel would be extremely expensive...

Three people with knowledge of the situation say that independent investment 'bank Moelis & Company, and financial consultancy 'firm Journey Capital are advisers of creditors of ethanol and sugar producer Raizen. They received a 'non-binding offer?from the private equity firm IG4 on Monday evening to purchase credits and control. Two of them warned?that any agreement remains far from sure, and one said that creditors are unlikely?to reach a decision any time soon. One of the creditors said that they accepted Raizen’s offer to convert their debt into equity because it was the 'best alternative available', but would not like to...

A sustainability report released on Monday revealed that Brazilian miner Vale will invest up to 13 billion reais (2,56 billion dollars) in decarbonization projects to achieve its voluntary emission reduction targets and mitigate climate-related risks. The company has not specified the timeline for the investment. The investment includes up to four billion reais in decarbonizing operations. The 8 billion reais are allocated to the construction of industrial complexes focusing on low-carbon technology, including steelmaking technologies and iron ore briquettes. The firm stated that the remaining 1 billion reais would be used for research and development. Vale has invested 9 billion...

The U.S. and Israel war against?Iran has not affected the price of iron ore, but this relative calm hides a shift in the dynamics of the steel raw material. China purchases about three quarters of the global seaborne iron ore and uses it to feed mills that produce just over half of the world's total steel. Iron ore for the United States is largely sourced by Australia and Brazil. Other producers such as South Africa and Guinea contribute a small amount. This trade bypasses the Strait of Hormuz. The narrow waterway that connects Iran to Oman has been closed off...

The U.S. and Israel war against Iran has not affected the price of iron ore, but this relative calm hides a shift in the?dynamics? for the steel raw material. China purchases about three quarters of the world's seaborne iron ore. It uses it to feed mills that make just over half the steel produced worldwide. Iron ore is mostly sourced from Australia and Brazil. Other producers such as South Africa and Guinea also contribute a small amount. This trade bypasses the Strait of Hormuz. The narrow waterway that connects Iran to Oman has been closed off since February 28, when...

The disparity between China's low steel production and its robust imports of?iron ore is still evident, but it is now starting to appear as a structural shift instead of a temporary dislocation. China, which accounts for just over half the world's total steel production, produced 86.63 metric tons of steel in April. This is a 2.8% drop from the same period in 2025 and the lowest April figure since 2018. Steel production for the first four months of the year was 331.12 millions tons, down 4.1% from last year's same period. According to official statistics, however, iron ore exports increased...

Brazil is expecting to raise $50 billion reais (9.92 billion dollars) in what will be its most ambitious auction 'yet, under the Eco Invest Program, which is focused on 'developing advanced sustainable technology -in strategic sectors. The fifth auction announced on Monday, and the last one under the current administration will continue to leverage private investments with public funds from Climate Fund. Ceron stated that Brazil was preparing to?do a roadshow? in the U.S.A., Europe, and China, seeking foreign capital. The funds will be allocated to six areas, including: sustainable fuels, battery systems and artificial intelligence for production, green chemistry...