Brazil

Bola Tinubu, the Nigerian president, said at a press briefing with his Brazilian counterpart that Petrobras should be able return to Nigeria quickly. Petrobras started operations in Nigeria in deep waters near the Niger Delta in 1998. It sold its stakes over 10 years ago in order to raise money for domestic projects. Nigeria has worked to solve some of the issues that have limited its oil and gas production since then. "We have a large gas reservoir." "I don't understand why Petrobras should not return to Nigeria as a partner as soon as possible," Tinubu said at a press...

Bola Tinubu, Nigerian president, said that Brazil's Petrobras oil company, which left Nigeria in 2005, should be able return quickly. The visit was part of a 2-day trip to strengthen ties. Petrobras started operations in Nigeria in the deep waters of the Niger Delta in 1998. It sold its stakes over 10 years ago in order to raise money for domestic projects. Nigeria has since then been crackingdown on the issues that have limited oil production. "We have a large gas reservoir." "I don't understand why Petrobras should not return to Nigeria as a partner as soon as possible," Tinubu...

Multiple sources confirmed on Friday that China's Changyi Petrochemical (recently sold by the state-owned Sinochem Group) has been granted a crude oil import quota until 2025. The company used this quota to purchase Brazilian oil. Three sources confirmed that the refiner in Shandong was allocated 2.5 million metric tonnes (18 million barrels), on a prorated scale, for the rest of the year. The sources claim that Changyi has a right to 5,000,000 tons for a whole year. Changyi declined comment. Hongrun declined to comment on a phone conversation, and the company didn't immediately respond to e-mail requests. The Commerce Ministry,...

Three people familiar with the talks said that groups vying to control Brazilian petrochemical company Braskem would likely resist any sale of its U.S.-based assets. Brazilian chemical company Unipar has been in discussions to buy Braskem's plants in Texas and Pennsylvania for $1 billion. This was reported by the Brazilian newspaper O Globo on Thursday. Braskem confirmed to Unipar on Friday that they are discussing the sale unspecified Braskem properties. On Friday, Braskem shares rose about 3% while Unipar's shares jumped nearly 9% at the Sao Paulo Stock Exchange. Sources, who spoke on condition of anonymity, said that neither party...

Petrobras, the Brazilian oil company, announced on Thursday dividends and interest to equity holders of $8.66 billion reais. It reported a swing in its second-quarter net profits of $26.7 billion reais. The result was a marked improvement over the net loss of 2.6 million reais that occurred in the same period last year. In the earnings report, Chief Financial Officer Fernando Melgarejo stated that "we had excellent operational performances in the second quarter. This was driven by the implementation and improvement of new production systems in the operating fields." The company reported that adjusted earnings before interest taxes, depreciation, and...

According to LSEG data and market sources, Russia's seaborne gasoil and diesel exports dropped 5% from the previous month to 3.26 million metric tonnes due to lower production during refinery maintenance as well as strong domestic demand. In July, diesel loadings through the Russian Baltic port Primorsk - the country's largest outlet for ultra-low sulphur (ULSD) exports – totaled 1,26 million tonnes, down 11.3% daily from June. Shipping data shows that last month, the two main importers of Russian gasoil and diesel were Turkey and Brazil. The export of diesel and gasoil from Russian ports to Turkey decreased by 14%...

Donald Trump, the U.S. president, imposed a 50% tariff Wednesday on Brazilian goods in response to what he called a witch hunt against former President Jairbolsonaro. However, he softened his blow by exempting sectors like aircraft, energy, and orange juice from higher levies. This came as a welcome relief to many in Brasilia who, since Trump announced his tariff earlier in the month, had been calling for protections for major Brazilian exporters caught up in the crossfire. The shares of Embraer, a plane manufacturer, and Suzano, a pulp maker rose. The Brazilian Treasury Secretary Rogerio Ceron said to reporters that...

The head of the Brazilian oil lobby IBP said on Wednesday that energy companies in Brazil will resume oil exports to the United States following the exemption from U.S. duties for several oil products. The top Brazilian export to the U.S. is oil. It was exempted from the 10% tariff on Brazilian exports in April, but the uncertainty about whether it would be exempted under the new tariffs announced on the 9th of July led to a stoppage in shipments throughout the month. Despite the fact that President Donald Trump's Wednesday decree increased tariffs on Brazil by 50%, several Brazilian...

Petrobras, the state-owned oil company in Brazil, reported that it produced 2,32 million barrels per day of oil in Brazil during its second quarter. This represents a 7.6% increase over the same period the previous year. New production vessels have increased the output. The firm reported that four floating production ships increased their output in the second quarter. One reached its peak production, and another began operations before schedule. This boosted the output for the entire period. Petrobras totaled 2.91 million barrels equivalents per day (boed), up 7.8% on the year before, while sales of oil and gas, as well...

Brazilian chemical companies, who exported $2.4 billion in products to the U.S. during the past year, are facing a wave of contract cancellations, as President Donald Trump threatened a new tariff of 50% on Brazil's exports starting August 1. Andre Cordeiro of Brazilian chemical lobby Abiquim said that since Trump's announcement export orders for certain resins, compounds and other materials used in the production of fertilizers have been cancelled. Brazil supplies these products to the U.S. agricultural sector. Cordeiro explained that "fundamentally these decisions are made because it is bet on whether he will apply the tariff." Cordeiro added that...

Bloomberg News reported on Thursday that the state-run oil company Petrobras is considering a return to retail fuel and its board will discuss this topic next week. Vibra shares fell 2.5%. This makes the company the worst performer in the benchmark Bovespa index, which traded near flat. Petrobras' shares fell around 0.5%. Petrobras has no plans to resume retailing of fuel, according to two people who are familiar with the situation. One source noted that Vibra, an ex-Petrobras subsidiary, has a clause prohibiting the oil giant from competing with it until 2029. Source added that even if this matter was...

Petrobras, the Brazilian state-owned oil company, may redirect oil sold to the United States to Asia and Pacific due to increased tariffs announced by the United States on Brazil, the chief executive said on Thursday. Magda Chambriard, CEO of Petrobras, said that although oil and gas exports account for a large share of Brazil's trade with the United States it is not a vital market for the company. "We don't export much (to the U.S.). She said, "In general, we're not too worried" in her first comments to the public about the 50% tariff announced by President Donald Trump last...

Hochschild Mining, a British company, slashed its full-year production estimate for the Mara Rosa mine in Britain by over half on Wednesday. This comes months after the mine was shut down due to a lackluster gold output. Shares fell nearly 20%. The first gold mine of Hochschild in Brazil has been affected by contractor and weather related disruptions. This led to production delays, reduced output and increased costs. The mine's production of gold is expected to be only 35,000-45,000 in ounces, down from the previous prediction of 94,000-104,000. The FTSE 350 index of precious metals, mining and minerals fell 2.3%...

The Financial Times reported that global miners BHP and Vale offered $1.4 billion in settlement of a class-action lawsuit filed in the United Kingdom over one of Brazil's most devastating environmental disasters. The lawsuit is a result of the failure of the Mariana Dam in Southeastern Brazil in 2015. It was owned and operated jointly by BHP and Vale, the joint venture Samarco. The tragedy prompted hundreds of thousands to file lawsuits. BHP is currently involved in a London-based lawsuit, which claimants' attorneys have estimated at up to 48.29 billion pounds (36 billion pounds). According to the report, which cited...

China's steel imports increased in July. This continued a record-breaking trend despite countries erecting trade barriers to prevent a flood of Chinese products. Data from the General Administration of Customs on Thursday showed that steel exports rose by 1.7% in July from June, to 9.84 metric tons. This brings total exports for this year to 67.98 metric tons. The total for the year is at its highest level since 1990. Steel exports by the largest steel producer in the world have led to a global protectionist backlash. Since January of last year, almost 40 countries have launched anti-dumping investigations. Vietnam...

Official data released on Wednesday showed that Brazil exported 41.1 millions metric tons (metric tons) of iron ore during July, breaking its previous record of 39.5 million tons, set in December 2015. Why it's important Brazil is the second largest exporter of iron after Australia. Brazil exports iron ore, along with soybeans and oils. Brazil reported a trade surplus of $7.1 billion for July, a 6.3% decline from the previous year. By the Numbers Brazilian iron ore exports, led by Vale, grew 4.7% from July last year. However, revenues fell 8.8%, to $2.62billion, as prices dropped about 13%. KEY QUOTE...

The Brazilian miner Vale announced on Thursday that its net profit for the second quarter of 2014 was down 24% from a year ago to $2.12 Billion, but still exceeded analyst expectations. LSEG polled analysts who expected Vale to report a net profit of $1.44 billion for the June quarter. Vale's net income a year earlier was boosted due to the divestment by its PT Vale Indonesia subsidiary. The revenue of the miner in April-June this year was $8.8 billion, which is exactly what analysts expected. The key iron ore division of Vale saw revenue declines compared to the previous...

The Brazilian steelmaker Gerdau reported a 8.6% drop in its adjusted net profit for the second quarter of 2018, compared to last year. This was slightly lower than analysts' expectations, despite a stronger performance by North American operations because of U.S. Tariffs. Gerdau, the largest Brazilian steelmaker in terms of market capitalization with mills throughout the Americas reported a net profit of 864 million reais (154.26 millions dollars) for the three-month period ending June 30. LSEG polled analysts who expected 847 million reais. Gerdau stated in its earnings report that the decline in profits was primarily due to the results...

Iron ore is the best performing commodity this year, with a price of over $100 per metric ton. This is despite signs that China's steel industry has been slowing down. The Singapore Exchange's most traded iron ore contract ended Wednesday at $101.71 per ton, down from $102.74 at its previous close. The rolling front-month contracts have traded within a narrow range this year. A high of $107.81 per ton was reached on February 12, and a low $93.35 was achieved on July 1. This stability is due to the fact that China has been a major buyer of seaborne products,...

The U.S. imposed sanctions Wednesday on a Brazilian Supreme Court judge overseeing the trial for former President Jairbolsonaro. They accused the judge of authorizing arbitrarily pre-trial arrests and suppressing free expression. Justice Alexandre de Moraes presided over Bolsonaro's criminal case. Bolsonaro is accused of plotting to overturn Brazil’s presidential election in 2022. On Wednesday, U.S. president Donald Trump also signed an executive ordering imposing a tariff of 50% on Brazilian goods. He said that this was to stop the witch hunt against his right-wing allie Bolsonaro. Moraes received a sanction under the Global Magnitsky Act. This act allows the U.S....

Rio Tinto announced its lowest first-half profit in five years Wednesday as iron ore price remained low due to concerns about oversupply and weak China demand. This was offset by higher earnings from the copper business. The price of iron ore fell in the first half as the top steel consumer, China, decreased its steel production and increased supply from Australia and Brazil. This reduced Rio Tinto's earnings. Morgan Stanley notes that the expectation of China reducing overcapacity and restocking the steel industry before the end of 2025 could lead to an increase in price to $100 per ton by...

The Brazilian miner Vale reported that it produced 83.6 millions metric tons (metric tons) of iron ore during the second quarter. This is up 3.7% compared to a year ago, according to the company. Vale's output and sales report said that the growth was mainly due to a second-quarter record set at the S11D project in northern Brazil. This is Vale's top iron ore producing mine. It also cited "strong performance" from its Brucutu mining operation located in the southeast. Vale stated that the combination of the new assets ramping-up and the greater operational reliability are supporting a stronger adherence...

Galp Energia, a Portuguese company, announced on Monday that its second-quarter adjusted core profit was better than expected with a 1% decline. This was due to higher oil production and more profitable trading of gas nearly offsetting falling crude prices and a narrowing refining margin. The company's consensus was for a drop in adjusted earnings before interest, tax, depreciation, and amortization (EBITDA), which dropped to 840 millions euros (977.76 million dollars). Galp's main business is the extraction of crude oil from rich offshore Brazil fields. Its share of oil production and gas from its projects increased by 6% in the...

China's imports of iron ore in June increased by 8% compared to May, as some miner's increased shipments to reach quarterly targets after a slump in shipment in the first quarter because of cyclones that hit Australia. Data from the General Administration of Customs revealed that the world's biggest iron ore consumer imported 105.95 millions metric tons of this key ingredient for steelmaking last month. This is the highest monthly total so far in the year. This is up from 98.13 millions tons in May 2024 and also an increase of 8.5% compared to the 97.61million tons in June 2024....