South America

The U.S. Oil License in Venezuela expires on May 27, said Secretary of State Marco Rubio in a late-night post on his X account. The license of the U.S. company Chevron to operate in Venezuela was due to expire on May 27. Rubio wrote that "the pro-Maduro Biden #Venezuela oil license will expire on Tuesday, May 27 as scheduled." Requests for comments on Rubio’s post were not immediately responded to by the State Department or Treasury Department. Richard Grenell is the envoy of Donald Trump, U.S. president. Two sources said that Jorge Rodriguez, head of Venezuela's ruling party allied legislature...

In a Tuesday message, Venezuelan Information Minister Freddy Nazareth Nanez confirmed that a U.S. national who was detained in Venezuela had been handed over to Richard Grenell - an envoy for U.S. president Donald Trump - on the Caribbean Island of Antigua. Nanez provided the information when asked whether a post made by far-right U.S. activists Laura Loomer, in which they named the detained American Air Force veteran Joe St. Clair as well as stating that he was on his way to the United States along with Grenell, was true. "Correct," Nanez responded. The U.S. State Department and the White...

The Brazilian federation for oil workers (FUP) announced a two-day strike warning against Petrobras, the state-owned oil company, on Thursday. "In protest at the stagnation in the negotiations with the company," a statement said. The oil giant has pledged to implement austerity measures in response to lower oil prices. Petrobras reported earlier this week a first-quarter earnings. Net profit The firm said it would need to reduce its investment by 35.2 billion reais (6.25 billion dollars) if Brent crude oil prices fall. Cut costs Where possible, please try to avoid using the internet. FUP stated that "dissatisfaction grew after statements...

Yusuf Tuggar, Nigeria's foreign minister, said that the country is in talks with Petrobras about exploring its deep-water oil acreage, after years of the Brazilian oil giant leaving the nation. Petrobras has ceased operations in Nigeria but is keen to return. "They said they wanted frontier acreage on deep water," Tuggar, a vice president's statement quoted as saying. Brazil will host both the BRICS Summit and the COP30 meeting this year, after hosting the G20 last year. Nigeria will promote investment during these summits, as it seeks to strengthen ties with Brazil, particularly in the areas of energy, culture, health...

Magda Chabriard, the chief executive of Brazil's state-run oil firm Petrobras, told analysts on Tuesday that it would be revising its five-year strategy plan because Brent crude oil is now cheaper. Chambriard stated that a Brent price of $65 would force the company to simplify its projects. The firm added that now was the time for cost-cutting measures and austerity. When the price increases, we are more willing to share ideas. Chambriard said that when the price drops, it's time to tighten up. Petrobras will unveil its new strategic plan by the end of this year. Fernando Melgarejo, the Chief...

Petrobras, Brazil's largest oil company, announced a first-quarter net profit of $35.2 billion, an increase of 48.6% over the same period last year. Non-recurring events boosted this figure. The company also announced dividends worth $2.1 billion. If not for one-off events such as fluctuations in the exchange rate of the real against the dollar, state-owned oil company would have seen a 12.1% decline in its net profits over the same period to 23.6 billion reais. Magda Chambriard, Petrobras' Chief Executive Officer, said in a press release that the company's financial results and operational performance were "robust." EBITDA (earnings before interest,...

Empresas Copec, a Chilean conglomerate of industrial companies, announced Thursday a 8.5% decline in its first-quarter profits. This was partly offset by the stronger performance of the energy sector. The first-quarter profit was $208 million, compared with $228 million for the same period last year. Revenues increased by 1.8% to $7.25 Billion. Analysts polled by LSEG had expected a net loss of $220 millions and revenues of $6 billion. Arauco's core earnings fell by 22.4% due to lower pulp prices, lower volumes and higher wood prices. Copec reported that while the sector had positive pricing trends, and sales improved towards...

Citgo Petroleum, a refiner owned by Venezuela, reported a $82 million loss for the first quarter of this year. This compares to a $410 million profit in the same period the previous year. The company based in Houston said that the result was due to the weak margins in refining. Citgo, which is being pursued for its assets by Venezuelan expropriated firms and bondholders who defaulted through an auction organized by a U.S. Court, has registered red numbers once again in its most recent period. This follows a loss of $146 million in the fourth quarter. In a press release,...

In a ceremony broadcast on state television, Russian President Vladimir Putin signed a strategic agreement with Venezuelan President Nicolas Maduro. Interfax, a Russian news agency, reported that the two leaders also spoke about energy and oil in their meeting at Moscow. In the agreement, Russia & Venezuela stated that they would promote joint efforts within OPEC +, the Gas Exporting Countries Forum, and other organisations involved in the energy industry. The agreement stated that "the parties will promote an equitable and stable development of global markets for energy without using unfair competition instruments." The two companies agreed to work together...

British stocks rose Wednesday, as investors considered mixed corporate results. The main indexes are poised to end a volatile, but largely positive, month. They have almost recovered from the losses caused by U.S. Trade policies. The blue-chip FTSE 100 index was up 0.1% as of 1009 GMT and is on course for its 13th consecutive session with a positive result. The midcap index, which is primarily focused on domestic companies, advanced by 0.7% to reach its sixth consecutive session of gains. Despite recovering from the steep tariffs announced in early this month, FTSE 100 is still poised to report a...

Fernando Collor de Mello, the former Brazilian president, was arrested in Maceio on Friday after a Supreme Court judge rejected his appeals against a prior conviction and ordered that he begin serving time behind bars. Collor's attorney, Marcelo Bessa said that Collor was arrested at 4:00 am local time (0700 GMT), while traveling to Brazil’s capital Brasilia. He planned to surrender himself following Supreme Court Judge Alexandre de Moraes’ arrest order. Bessa, in a press release, said that the former president had been detained by federal police officers in Maceio. This is the capital of Alagoas. Moraes issued his order...

Petrobras, the state-run Brazilian oil company, said that its board of directors had authorized it to sign a settlement agreement with Unigel Chemical Company to settle a legal dispute over two fertilizer factories in northeastern Brazil. Petrobras stated in a filing of securities that the agreement would restore Petrobras ownership over two fertilizer factories located in Sergipe state and Bahia state. Petrobras announced that the plants would resume operations after a process of bidding to contract for services to operate and to maintain them. The deal, however, still needs to be approved internally within Unigel, and it must also meet...

Rio Tinto, the global miner, has been chosen by Chilean authorities for a second time in this week to be a partner on a new lithium project. The state-run mining company ENAMI announced its partnership with Altoandinos Lithium Project Thursday. ENAMI reported that Rio Tinto would initially invest $425 million in the project. This will total an investment of $3 Billion. ENAMI holds an initial stake of 49 % and two board positions, while Rio will have three board members. ENAMI stated that Rio's investment in Altoandinos will cover a feasibility study, the use of a pilot plant on its...

Rio Tinto, a global miner, will take on one of the most challenging technological challenges in lithium's industry by leading Chile's largest project in recent years involving this battery metal. It will be working with state-run copper manufacturer Codelco. Maricunga is a pivotal moment for Rio and a turning-point for Chile. The country will now add a third lithium project to its portfolio, after years of stagnation. Codelco announced Monday that Rio will own less than half the project but will be responsible for design, construction, operations and sales. Industry experts claim that a major challenge in the separation of...

The Argentine government approved on Tuesday a $2.5billion lithium mining project of Anglo-Australian Rio Tinto. This is the first mining project to be approved under a newly introduced investment incentive program. Daniel Gonzalez, the secretary for mining and energy coordination in Argentina, announced the approval of Rio Tinto’s Rincon project in northern Salta Province under the RIGI scheme at a press conference in Buenos Aires. The mining industry in Argentina has expressed concern over the delays in the approval of seven projects that have been submitted to the government after the RIGI programme was launched nine-months ago. Roberto Cacciola of...

Brazilian beef processor Marfrig revealed on Thursday that it plans to complete the takeover of BRF, a poultry and pork processor. It also hinted at plans to list shares in the combined entity eventually in the United States. Marfrig has been pursuing a strategy of gaining scale in order to compete with Brazilian meatpacking company JBS. JBS is preparing to list its shares on the New York Stock Exchange. All three companies are now listed on the Sao Paulo Stock Exchange. Marfrig, BRF and other parties disclosed that the proposed deal involved a share exchange whereby BRF holders would receive...

In a video posted on Monday, Augusto Vasconcelos, Bahia's state labor secretary, said that the new factory of Chinese electric car manufacturer BYD in Brazil would be "fully operational" by December 2026. Its operations had been delayed due to an investigation into possible labor abuses. He added that the factory would start to produce cars by the end of the year from semi-finished kit. Vasconcelos said in a video posted on social media that a new schedule was being set up so that the factory would be fully operational by December 2026, with an expectation of 10,000 jobs. Vasconcelos revealed...

China's exports of steel in April exceeded 10 million metric tonnes for the second consecutive month, bringing the total over the first four-month period to a new record high. This was largely due to the fact that shipments were made ahead of the hefty tariffs announced by U.S. president Donald Trump. Customs data released on Friday showed that the world's biggest steel exporter and producer shipped 10,46 million tons last month. Exports were up 13.5% from the same period in 2024, despite being largely unchanged since March. Exports between January and April increased by 8.2% compared to the previous year,...

Data from the General Administration of Customs on Friday showed that China's imports of copper, including unwrought and finished products, were the same as last year at 438,000 metric tonnes, despite the fact that suppliers had rushed to ship to the United States in order to avoid impending tariffs. The data shows that copper imports for the first four-month period of 2025 were down 3.9%, at 1,74 million tonnes. Analysts expect China's strong demand for copper to drive up the amount of industrial metal imported. This month, however, the flow to the U.S. of copper in anticipation of U.S. tariffs...

Frank Monzon, a Peruvian miner, was well aware of the risks involved in his work. However the allure of gold deep within the Andean rock that covers the northern Pataz Province outweighed them. He and 12 other miners are now dead in the worst mining massacre in Peru's history. The authorities in Peru's gold rich north halted mining activities this week and sent the military in after the police recovered the bodies from the Lidmar Mine after they had been kidnapped and murdered by illegal miners a month ago. Lidmar worked in agreement with Poderosa, Peru’s second largest gold producer....

Dina Boluarte, the president of Peru, announced on Monday that mining in Pataz, a district in northern Peru, would be suspended for 30 day after illegal miners kidnapped 13 gold workers and killed them. The Peruvian government plans to establish a military base in the area and impose a curfew from 6 pm to 6 am. Boluarte stated that "the armed forces will be taking control of the area in which Poderosa operates." Poderosa miner said on Sunday that police had recovered the bodies of thirteen workers who were abducted last month by a local mining firm. Peru is the...

The CEO of Brazilian nickel miner Vale said that the company is looking at alternatives to sell its nickel assets, including partnerships and putting them in care and maintenance. This is because the market has a difficult short-term outlook, he added. The chief executive of the company, Gustavo Pimenta, told reporters in Rio de Janeiro that there is a surplus on the market due to Indonesian production. "Nickel is attractive on a medium- and long-term basis," said Pimenta, citing the demand for electric car production. The executive said, "The question now is how to stay profitable in the short-term." Vale's...

Biomas, an initiative for reforestation in Brazil backed by several major corporations, unveiled on Friday its first project. It aims to restore 1,200 ha (2,965 acres), of Brazil's Atlantic coast rainforest, with more than 70 native tree varieties. The project represents a major milestone for the company formed in 2022 by Vale Mines, Marfrig Meatpackers, Suzano Pulpmakers, Santander Brasil, Itau, and Rabobank. The initiative comes at a time when Brazil's carbon removal industry is growing, and major reforestation initiatives are already underway. Startups Mombak and Re.green offer credits to companies who want to offset their greenhouse gas emission. These two...

The Brazilian miner Vale announced on Thursday that its net profit for the first quarter of 2014 was down 17% from a year ago, due to lower iron ore costs. Vale, the world's largest iron ore producer, reported a net profit of $1.39 billion for the three months ending in March. Analysts polled by LSEG expected a profit of $1.68 billion. Vale's earnings report stated that lower iron ore costs had a negative impact on its results. However, this was offset in part by the company's efforts to reduce the cost of iron ore production and the effects of the...