South America

Indian refiners have redrawn their crude import strategies in order to move away from top supplier Russia, and increase imports from the Middle East. This could?help New Delhi to clinch a deal with the United States for lower tariffs. India became the largest buyer of discounted Russian crude oil after the outbreak of the Ukraine war in 2022. However, the trade was met with a backlash by Western nations who targeted Russia's energy industry with sanctions. Middle East producers are keeping global markets well-supplied with the help of higher production quotas set by the Organization of the Petroleum Exporting Countries....

BBVA is the only major bank in the world with a significant 'presence' in Venezuela. Its chairperson said that BBVA was well positioned to 'take advantage of the new business opportunities created by the U.S. intervening in the country which has the largest oil reserves in the world. Venezuela has an interim government since the United States captured Nicolas Maduro in early?this?month. The situation presents potential business opportunities for international banks. However, analysts have warned that there will still be many challenges. Carlos Torres, BBVA's Carlos Torres, told Expansion that if greater stability is achieved in the future, they will...

The latest trade war and foreign policy salvos from Donald Trump are upsetting the global markets. But the question is if these ructions escalate or disappear, like they did in the past 12 months. It is more likely that the latter scenario, but it is clear that investors struggle to accurately price the fundamental shifts of the geopolitical plates. The changes that have already occurred in 2026 will be truly astounding. The Trump administration removed Venezuela's leader, and it appears that he is now the de facto ruler of the Latin American nation. The threat of an American response is...

Petroperu workers in Peru launched a 72 hour strike on Monday to protest the plan to privatize a part of the firm. The company claimed that operations were normal and the government declared the walkout illegal. Jose Luis Saavedra is the general secretary of the union of administrative workers. He said that at least 30% of their 2,200 unionized employees had taken part in the strike on Monday. Saavedra said by phone that "the speed at which the government wants privatize Petroperu" is shocking. Petroperu, however, said that its facilities were all operating normally. It also guaranteed that fuel supplies...

Trade data revealed that India's Russian imports in December fell to the lowest level since?two? years, as Western sanctions pushed refining companies to look for alternatives. This boosted OPEC?s?share?of imports?to an 11-month peak. The lower imports of Russian crude oil at a discounted price will likely hit the profits of refiners and consumers in the third largest oil consuming and importing nation in the world and force them to look for suppliers in the Middle East and the U.S. The data shows that tighter U.S. sanctions and European Union sanctions have slowed Russian oil exports to India. Imports dropped by...

Donald Trump, President of the United States, said that he believed it would be best for Venezuela to stay in the Organization of the Petroleum Exporting Countries (OPEC) but he added he wasn't sure if he thought the United States would benefit from this. In an interview, Trump replied that it would be better for Venezuela to remain in the cartel. Trump continued, "I'm not sure that it's better... but they're a member of OPEC and we've never discussed this with them at all." Venezuela, the founding member of this oil cartel, is home to some of the largest reserves...

This week, Venezuelan crude was offered to the?U.S. Gulf Coast refiners are getting barrels from Canada at a premium, according to two traders. A trader said that Venezuelan Merey-16 crude oil was being offered at a discount around $6 to Brent futures for U.S. Gulf Coast deliveries earlier this week. West Canadian Select settled at Houston on Tuesday at a discount of approximately $12.50 to Brent. Last week, global commodities?traders Vitol & Trafigura reached agreements with the U.S. government to help sell Venezuelan oil that was stranded. This came after the interim Venezuelan government agreed to export 50 million barrels...

A person with knowledge of the matter said that Brazilian billionaire Joesley Batista had met with Venezuela's interim president Delcy Rodriguez before and after he met with U.S. government officials. He reassured them, according to a source familiar with the situation, that she seemed ready to allow investment in her country's oil and natural gas industry. Source: The Batista's family energy firm Fluxus is evaluating Venezuelan business opportunities. They have consolidated South American assets ever since they acquired it in 2023. Fluxus, Batista and the holding company J&F have declined to comment. The billionaire's?shuttle diplomatics, whose meatpacker JBS is a...

The Venezuelan parties in the?court ordered auction of Citgo Petroleum's parent company have asked a U.S. The board of supervisors of the refinery said that a court of appeals should vacate the ruling of a 'judge' who ordered the sale to an affiliate of Elliott Investment Management. After?two years? of bidding, Delaware Judge Leonard Stark has approved a bid for $5.9bn from Elliott's Amber Energy to purchase Citgo Holding's parent company, PDV Holding. This was after?two rounds?of bidding in a sale that was organized to pay creditors up to $19bn?for debt defaults?and expropriations?in Venezuela. The sale order triggered opposition by...

The chief executive of TotalEnergies, a French oil company, said that the company would consider returning to Venezuela. However, it is not a top priority. "People want a quick return to Venezuela, but it's going to take some time to get a clear investment framework in place. TotalEnergies left Venezuela in 2021. Pouyanne pointed to 'the high capital investment needed to produce and transport Venezuelan heavy crude oil, and to manage greenhouse gas emissions. Pouyanne stated that adding 100,000 barrels a day would require an additional $100 billion. The CEO stated, "We will look at it, we'll be sure to...

The oil price rose on Tuesday, as concerns about Iran and possible supply disruptions overshadowed the?prospects of an increased crude supply coming from Venezuela. Brent futures were up 22 cents or 0.3% to $64.09 per barrel at 0430 GMT. They are hovering around the two-month high reached in the previous session. U.S. West Texas Intermediate Crude climbed 23 cents or 0.4% to $59.73. The ING commodities analysts said that the price rise coincides with the intensifying protests against the Iranian regime, which raises the possibility of a U.S. intervention. Iran, one of the largest producers of the Organization of the...

Exxon Mobil is still interested in visiting Venezuela, and it's prepared to send a team of assessors there, according to a source who knows the company strategy. This was reported on Monday, just a day after?U.S. Donald Trump has said that he may keep Exxon Mobil out of Venezuela. Darren Woods, Exxon's CEO, said that Venezuela had to change its laws and protect investment before Exxon was willing to operate in the country. Days later, Trump said to reporters aboard Air Force One that "he didn't like Exxon’s response," and that he would prefer to keep the oil major out....

As escalating geopolitical conflicts boosted demand for safe havens, gold reached a new record high of $4,700 per ounce on Tuesday. Silver also broke through $95 an ounce for the first. By 11:34 am, spot gold had gained 1.6% and was at $4,741.96 an ounce. After reaching a record-high of $4,750.49 in the morning ET (16:34 GMT), gold prices fell to $4,741.96 per ounce by 11:34 a.m. U.S. Gold Futures for February Delivery climbed 3.3%, to $4.747.60/oz. Fawad Rasaqzada is a market analyst for FOREX.com and City Index. He said that gold has surged?deeper in uncharted waters as investors hedged...

As escalating geopolitical tensions increased demand for safe havens, gold reached a new'record high' on Tuesday. Silver also surpassed $95 an ounce for the first. Spot gold rose 1.5%, to $4.737.18 an ounce at 09:49 am. After reaching a record-high of $4,750.49 in the morning ET (14.49 GMT), gold prices fell to $4,737.18 per ounce by 09:49 a.m. U.S. Gold Futures for February Delivery climbed 3.2%, to $4.742.70/oz. Fawad Rasaqzada is a market analyst for FOREX.com and City Index. He said that gold has surged?deeper than ever before as investors protect themselves against the rising political risks. A softer dollar...

Chile has delayed its goal to reach a peak annual copper production of 6 million metric tonnes by several years, and cut a significant portion of its estimates for upcoming years. The report, released by the state-run Cochilco on Monday, was a result of falling ore grades, and changes to the mining plans. Andean countries, which are the largest producers of metal in the world, have made adjustments in their mining plans. Cochilco stated that in its 2025-2034 forecast, Chile's copper production is expected to reach 5.86 million tons by 2034 after reaching a high of 6.06 million tons the...

BHP has been denied permission to appeal a ruling that found it liable for a 2015 dam collapse in the southeast of Brazil. The London lawsuit could be worth tens or hundreds of millions of pounds. The London High Court ruled in November that BHP is legally responsible for collapse of Fundao Dam, located in Mariana (southeastern Brazil), which was owned by BHP's joint venture with Vale, Samarco. BHP's request for a?permission of appeal this ruling? was denied by High Court. BHP has said it will directly apply to the Court of Appeal. BHP's spokesperson stated in a press release...

BHP has been denied permission to appeal a ruling that they are 'liable for the collapse of a Dam in Southeastern Brazil?in 2015, as part of a London suit potentially worth tens of millions of pounds. The London High Court ruled in November that BHP is legally responsible for the collapsed Fundao Dam, located in Mariana (southeastern Brazil), which was owned by BHP and Vale's joint venture Samarco. BHP's request for permission to appeal this ruling was denied by the High Court. BHP may still apply directly to the Court of Appeal. After their initial win, the claimants' attorneys sought...

Gold prices extended losses ?from the previous session on Friday, as stronger-than-expected U.S. economic data and ?easing ?geopolitical tensions in Iran hampered bullion's bullish momentum. By 1217 GMT, spot gold had fallen 0.1% to $4610.86 an ounce. The metal is expected to gain 2% in a week after reaching a record high of $4,642.72 Wednesday. U.S. Gold futures for delivery in February edged down 0.2% to $4,615. Carsten Menke, Julius Baer analyst, said: "There used to be a lot of momentum in the gold market. It seems that it has waned a bit at the moment ....the recent economic news...

Gold extended its losses ?on Friday after stronger-than-expected U.S. economic data reduced expectations of near-term Federal Reserve ?rate ?cuts, while easing geopolitical tensions shrunk demand for safe-haven bullion. By 0733 GMT, spot gold was down 0.2% at $4,604,29 per ounce. The metal is expected to gain 2% in a week after reaching a record high of $4,642.72 last Wednesday. U.S. Gold Futures for February Delivery edged down 0.3% to $4,608.90. Kyle Rodda is an analyst with Capital.com. He said that the downward movement in gold began when the United States lowered the likelihood of any intervention to quell the unrest?in...

?Gold extended its losses on Friday after stronger-than-expected U.S. economic ?data ?dampened expectations of the U.S. Federal Reserve cutting interest rates sooner and softening geopolitical frictions shrunk safe-haven demand for the metal. By 0619 GMT, spot gold was down 0.2% at $4,604.39 per ounce. The metal is expected to gain 2% in a week after reaching a record high of $4,642.72 last Wednesday. U.S. Gold Futures for February Delivery edged down 0.3% to $4,608.50. Kyle Rodda is an analyst with Capital.com. He said that the downward movement in gold began when the United States lowered the likelihood of any kind...

Gold ?extended its losses on Friday after stronger-than-expected U.S. economic data ?dampened expectations ?of the U.S. Federal Reserve cutting interest rates sooner and softening geopolitical frictions shrunk safe-haven demand for the metal. By 0426 GMT, spot gold was down 0.4% at $4,598.52 an ounce. The metal is expected to gain 2% in a week after reaching a record high of $4,642.72 last Wednesday. U.S. gold futures for delivery in February fell by 0.5% to $4.601,80. Kyle Rodda is an analyst with Capital.com. He said that the downward movement in gold began when the United States lowered the likelihood of any...

According to documents seen by the. Documents show that the order is part of Sigma's ongoing efforts to restart the mine. The mine was previously Brazil's biggest lithium producer with an annual capacity of 270,000 tons of lithium concentrate. It has been inactive for the last month. The ministry and miner did not immediately respond to comments. The firm stated in November that production would resume?in two or three weeks' time during a earnings call. SHARES DROP AFTER DOWNGRADE Bank of America, citing a lack of certainty about when production will resume, downgraded the company's?shares last week. The shares fell...

CSN, a Brazilian steelmaker, announced on Thursday that it would begin a major asset divestment program, which includes its cement unit. The company said it was aiming to "definitively address" capital structure issues through reducing the?debt. The firm aims to deleverage between 15 billion and18 billion reais (2.78 billion to 3.34 billion dollars) as part a larger goal of doubling core earnings in eight years. Shares of the Sao Paulo company traded in the stock exchange rose by as much as 4,9% following the announcement. However, they later fell 5% and became one of the largest decliners of the Bovespa...

Gold prices declined on Wednesday, as the dollar rose on weaker than expected U.S. jobless claims data. Meanwhile, President Donald Trump’s more moderate stance on Iran weighed further on demand for gold. As of 09:32 am, spot gold was down by 0.3%, at $4,607.59 an ounce. ET (1432 GMT). On Wednesday, gold reached a new record of $4,642.72. U.S. Gold Futures for Delivery in February fell by 0.5% to $4.612.50. Data showed that new U.S. unemployment benefit applications unexpectedly dropped last week. This pushed the dollar index up to its highest level since December 2, and made bullion prices more...