South America

The Philippines' ambassador to the United States stated that it is working closely with Washington in order to securing waivers and exceptions to allow oil to be purchased from sanctioned U.S. countries. This will 'ensure supply. The Philippines, which is heavily dependent on imported fuels, declared on Tuesday a national energy emergency in order to deal with Middle East War fallout, including oil procurement. In a series of phone messages, Jose Manuel Romualdez said: "We're working with the State Department on getting waivers or exemptions for oil purchases from sanctioned U.S. countries." Romualdez responded that "all options" are being considered...

Maria Corina Machado, Venezuela opposition leader, believes that early interest in Venezuela's oil industry is positive. However she has called for greater transparency and contract security. She said in an interview, before her afternoon address at the CERAWeek conference in Houston: "I am here to draw attention to Venezuela and not to delay it." Machado stated that the country could produce up to 5 million barrels a day with an investment of $150 billion. The country currently produces around 1 million barrels of oil a day. She believes that Venezuela's PDVSA, the state-run oil company, will eventually be reduced in...

The U.S. has 'extended sanctions waivers for Venezuela on Friday,' allowing investment into the petrochemical and energy sectors of the?South American nation and allowing fertilizer exports. Washington is trying to help American farmers who are being hit by the rising costs resulting from the Iran War. As part of this move, the U.S. Treasury Department updated three general licenses. The Department said that the changes are intended to help revitalize Venezuela's energy sector while also ensuring the global commodity markets stay well-supplied. However, it is not clear exactly how much fertilizer Venezuela has available to export or how fast it...

An official from the?industry?ministry said that Japan would consider buying Russian crude oil after the U.S. granted a 30-day waiver of?sanctions amid the Iran War, taking into account international conditions and its own?national interest. The U.S. waiver permits countries to purchase sanctioned Russian crude oil and petroleum products that are currently stranded on the sea. Treasury Secretary Scott Bessent described this as a move to stabilize the global energy market, which has been?roiled by Iran's war. Narumi hosokawa, the deputy general-director of the Ministry of Economy, Trade and Industry's (METI) immediate crisis management, said, "We will examine the issue in...

Brazil's government has scrapped diesel taxes and imposed a tax on oil exports. The move, which was made on Thursday, could affect the state-run Petrobras as it tries to ease the impact of recent global oil price spikes. The administration of President Luiz inacio da Silva said that the temporary measures will reduce the impact on local fuel prices caused by price swings resulting from the U.S./Israeli war against Iran. The South American nation cut the PIS federal tax and Cofins federal tax levied on diesel to zero. It also imposed a 12 percent tax on crude oil and a...

Oil prices spiked due to the war in Iran, and for now this has halted any monetary easing efforts by emerging market central bankers from Poland to Turkey. This is because policymakers are coping with an increase in inflation expectations as well as a rise in risk aversion. After a series of shocks, from the COVID outbreak to Russia's invasion in?Ukraine, that have shook markets, slowed growth, and fueled inflation, central banks are finally becoming more optimistic about global economic resilience?and easing price pressures. The dollar gained ground, and U.S. Treasury Yields rose as a proxy of borrowing costs in...

Brazilian sugar and ethanol ?producer Raizen said on Wednesday it had reached an ?out-of-court agreement with ?creditors and bondholders ?to restructureapproximately ?65.1 billion reais ($12.61 billion) in debt obligations. The company is a joint-venture between Shell, an oil giant listed in London, and Brazilian conglomerate Cosan. It has been in talks for months to find ways to improve its capital structure and reduce its debt. Raizen stated in a?security filing that creditors who hold 47% of the company's unsecured debt had already endorsed this plan. The company has 90 days to get enough?support to receive final approval. After that, the...

Two sources with knowledge of the matter said that Petrobras, the Brazilian state-run company which owns the oil industry in Brazil, plans to auction 20 million liters of diesel to the state of Rio Grande do Sul to address shortages. They said the auction would take place on Wednesday. The U.S. and Israel attacks on Iran are causing a spike in diesel prices, which is the most immediate and serious threat to Brazil's agricultural sector. Producers harvesting record soybean crops and planting corn cannot afford to delay. The initiative, according to a source who spoke under?conditions of anonymity, is necessary...

Two sources familiar with the discussion said that Brazil's government is facing an additional challenge when it prepares to update its economic forecasts. Market volatility and uncertainty linked to the conflict in Iran will complicate projections for this year's budget management. Within two weeks, the Finance Ministry is expected to release new forecasts on 2026 GDP growth, inflation and inputs for government's bimonthly revenue and expenditure report. The first report for the year is due on March 24. It will assess revenues and expenditures against the approved budget, and determine if a spending freeze would be necessary to comply with...

Four sources with knowledge of the situation have confirmed that Brazilian state-run Petrobras has refused to?accept requests from fuel distributors requesting additional diesel volumes, as domestic prices are falling?to record discounts compared to global levels. Petrobras is the largest supplier of fuel in Brazil and the data indicates that the diesel sold by the company is currently 85% less expensive than imported fuels. This is due to global prices rising because of the U.S. Iran conflict. Sources claim that the disparity between the two diesel prices has a negative impact on the booming agricultural sector of the country during the...

Executives said that if the cash flow was high, Petrobras could pay higher dividends. Magda 'Chambriard, CEO of the company, said earlier this week that it would not pass on sudden changes in oil prices to consumers following attacks by the U.S. Israel and Iran both disrupted energy flows earlier this week. "We live in a period of geopolitical uncertainty, and our concern is that the company be prepared for any scenario regarding the price of crude oil that could occur," said?Chambriard. Brent oil prices are at their highest levels since April 2024. They will likely reach the highest weekly...

Analysts say that the Middle East conflict and higher oil prices threaten to shift emerging markets towards a more "hawkish" policy. In the next two weeks, more than a dozen emerging market central banks will be meeting to discuss their monetary policies. Goldman Sachs analysts noted that "markets that have been under the most pressure are those that were owned by investors anticipating rate?cuts in CEEMEA, LatAm and Latin America) and that also tend to be highly sensitive to global supply side shocks." Global financial markets are gripped by fears of an oil price spike due to the U.S. -...

The antitrust regulator of the South American country has given the green light to a joint mining plan between Codelco and Anglo American for the Andina Los Bronces project. Chile is the top copper producer in the world. Anglo American is one of the major operators in this Andean nation. Codelco said that the project is progressing with the regulatory approval process. The project has already been approved by competition watchdogs from China, Brazil and South Korea. The remaining steps are the acquisition of environmental permits, creation of the joint entity and consultations within the local community. Codelco and Anglo...

Albemarle, the largest lithium producer in the world, announced on Wednesday that it had begun the environmental review process for its first Direct Lithium Extraction project (DLE) in Chile. Albemarle stated in a press release that the project was designed to recover twice as much lithium while reducing the amount extracted of brine compared?to the current operations. Albemarle said in a submission to the Chilean Environmental Assessment Agency that if the project were completed, it would require a total investment of $3.1 billion with a useful lifetime lasting until 2045. The initiative is aimed at a?more sustainable and efficient production...

Analysts and industry executives say that India's imports, which are a vital?raw material for steelmaking?, will reach a seven-year high in the fiscal year ending March 31. This is due to a shortage of ore of high quality and JSW Steel's demand. Analysts and trade officials have said that the total imports will likely reach 12 to 14 million tons in 2025-2026, which is more than double what they were a year ago. JSW Steel, India's biggest ?steelmaker by capacity, was a key driver of iron ore imports for its mills in the western state of Maharashtra ?and the southern...

The Peruvian president Jose Maria Balcazar appointed Waldir Ayasta on Monday as the new minister of Energy and Mines of the country. This follows the resignation of his predecessor Angelo Alfaro on Sunday after he was accused of raping an underage girl in 2000. Ayasta has been sworn in at the Government Palace of Lima by the President and now takes the helm of the Andean nation’s most important economic sector. The mining industry accounts for 60% of Peruvian exports and is the world's 3rd largest copper producer. Alfaro has denied any wrongdoing, but did not contest the claim that...

Analysts on Monday said that a $1.2 billion bridge-loan secured by Brazilian steelmaker CSN last week from banks does not ease the group's need to sell assets in the near future and deal with its ballooning debt. Analyst?Pedro?Galdi at AGF said that the company is in a "firefighting mode". He expects that the company will continue to prioritize divestments in order to raise up 18 billion reais (about $3 billion) and reduce its debt. CSN reported recently that this debt had exceeded 40 billion reais. The company signed a binding agreement with a group banks at the end of the...

An EU Commission spokesperson said that the European Union was in the "last miles" of negotiations for a trade deal with Australia. The EU is attempting to diversify its trade, reduce its dependence on China, and mitigate the impact of U.S. Tariffs. Since President Donald Trump launched his global tariff offensive in 2017 and China cut back on exports of vital minerals, the European Commission has been accelerating talks to achieve free trade agreements. In the last six months, it has already signed trade agreements with Indonesia and India. The European Commission's President Ursula von der Leyen will be visiting...

Data from the nation's INEI statistical agency revealed that Peru's economy grew 3.54% on an annual basis in January. This was driven by growth across most economic sectors, including construction, commerce and mining. The Central Bank's Chief?economist estimated that the figure would be around 3.5%. The National Institute of Statistics and Informatics (INEI), in a report released on January 15, said that the mining sector grew by 3.08% compared to the previous year after?two consecutive declines. The increase in January was due to a rise in production of copper, zinc, and gold. Peru is the third largest copper producer in...

Chile and the U.S. signed a statement on Thursday to start?discussions about rare earths and critical minerals. It was added that the first meeting would take place in 'the next two weeks. The areas of possible coordination include public-private financing of mining projects, management of scrap minerals recycling and exploration of new projects that can help boost mineral supplies in both countries. The Trump administration is pushing to reduce the reliance on China in a number of key minerals that are used for electric vehicles, semiconductors defense systems and consumer electronics. Chile is the second largest lithium producer in the...

Vale, a Brazilian mining company, said on Thursday that it would produce 26.3 million metric tons of 'iron ore' by 2025 using materials classified as wastes or tailings. This is more than twice the 12.7 millions tons produced in this manner a year ago. Vale reported that the volume of iron ore recovered from waste materials exceeded Vale's initial estimate of 20 million tons. Vale is investing in circular mining. It has grown from a small pilot project to a large-scale industrial effort. Vale reported that the initiative reduced waste disposal by 60 railcars of iron ore last year and...

On 'Wednesday', Jose Antonio Kast became the president of Chile, marking the sharpest rightward shift in years. Voters were alarmed by the rising level of insecurity and backed the broader conservative movement that has been sweeping Latin America. The regional presidents, including Argentina's Javier Milei and Ecuador's Daniel Noboa, Paraguay’s Santiago Pena and Spain's King Felipe traveled to Chile for the ceremony of the transfer of power in Valparaiso where Congress is located. Kast succeeds left-wing president Gabriel Boric to whom he lost 2021?election. At a time when Chileans worry about the rising crime rate and the economy. The shooting...

CleanTech Lithium will formally begin the search for "a strategic partner" for its Laguna Verde Lithium project after publishing a prefeasibility report later this month. The process is expected to take between nine and twelve months, according to Chief Executive Ignacio Mehech. The timeline provides a better idea of how fast the London-listed firm hopes to progress one of only a few private-sector projects in Chile that are moving forward. New supply has not been forthcoming despite high long-term expectations. CleanTech announced on Tuesday it had 'agreed contractual terms with Chile’s mining ministry for an exclusive lithium operating contract (CEOL)?for...

Local markets rallied in December after Chile's far-right president,?Jose Antonio Kast, was elected on promises of economic expansion, deregulation, and cuts to public spending. But the economic tailwinds are now turbulent, as the iran war has sent the global markets into a tailspin. Kast is now responsible for managing the turmoil. A spokesperson from Kast's economic team stated that there were no contingencies planned for the moment, but didn't provide any further details on how recent events would affect their economic agenda. Kenneth Bunker is a political expert and academic from the University of San Sebastian. He said that Kast...