South America

Venezuela's National Assembly passed on Thursday a decree by the government of President Nicolas Maduro to declare an economic emergency as a response to U.S. tariffs and sanctions. In March, Donald Trump's administration began to suspend authorizations of oil companies that work with Venezuelan state-owned PDVSA. They also imposed secondary tariffs against crude oil and natural gas exports. Maduro issued the decree on February 2, citing constitutional authority to declare states or exceptions, suspend constitutional protections, and impose an alarm state during national emergencies. Delcy Rodriguez, Vice President and Minister of Oil during the presentation of this document, stated that...

A director of Brazil's state-run Petrobras said that the ongoing drop in crude prices was "scary", but the oil projects run by the company are resilient. The comments were made as Brazil's oil industry reacted to U.S. Tariffs imposed on last week. No Petrobras project is going to be paralyzed. These are long-term investments. This is a joke if you compare it to the (market drop in) 2020. Sylvia dos Anjos told journalists in Rio de Janeiro that it was a time of instability. Symone Araujo said that the lower price would not reduce interest in Brazil’s planned June auction...

Sources with knowledge of this matter said that Brazil's Mines and Energy Minister has asked Petrobras to consider a new reduction in the average price for diesel sold to Brazilian distributors. Sources said that Minister Alexandre Silveira had cited recent drops in oil prices as well as the stability of the US dollar to justify a price reduction for Petrobras Chief Executive Magda Chabriard. The talks took place last week, they added. CNN Brasil had previously reported Silveira's demand. The request is made as oil prices are falling due to President Donald Trump's tariffs, which could cause economies all over...

The partners announced on Monday that Brazil's state oil company Petrobras, and Brazil's development banking institution BNDES had partnered to create a financing program for forest restoration initiatives in Amazonia. Petrobras, under the ProFloresta+ Program, will hold tenders for carbon credits generated by restoration projects. The winning bidders can apply for low-interest loans to establish projects from BNDES. The pilot phase of the program is expected to generate investments of 450 million reais (78.45 millions) for restoration. This will lead to the replanting and regrowth of 15,000 hectares of forest. Petrobras is expecting to sign contracts for long-term with up...

The trade of Venezuelan crude oil to China, its top buyer, slowed on Tuesday following the U.S. President Donald Trump’s order that threatened tariffs against countries purchasing from Caracas. This came days after U.S. sanctioned China's imports of Iranian oil. Trump's surprise order caught Chinese traders and refiners by surprise. It states that, at the discretionary discretion of the Secretary of State, the U.S. can impose 25% tariffs starting April 2 on any goods imported from countries importing Venezuelan crude oil. Chinese traders and refiners are waiting to see the implementation of the order and if Beijing will instruct them...

A senior U.S. official announced on Thursday that Venezuela has agreed to resume the flights of illegally-entering migrants deported from the United States. This follows an apparent pause on the flights which began last month. Richard Grenell, a U.S. diplomat, added to his post in which he said that flights will begin on Friday. The Venezuelan Ministry of Communication did not respond immediately to a comment request. Grenell, an envoy for U.S. president Donald Trump, visited Caracas, Venezuela's capital, in late January to meet President Nicolas Maduro, and to discuss deportation, among other things. Soon after, the first repatriation flight...

Bolivia's state-owned energy company YPFB plans to use cryptocurrency as a payment method for its energy imports, despite a severe shortage of fuel and dollars in the South American country. After years of declining natural gas exports, the country has been battling a dangerous decline in its foreign currency reserves. This has led to a fuel shortage in the country that is manifested by long lines of people at gas stations. After the government approved the use of digital assets as a way to meet demand, a spokesperson for YPFB, a state-run energy company, said that a system was in...

Bolivia's Energy Ministry announced a series of incentives on Tuesday to encourage the importation of gasoline and diesel in an effort to boost the private sector and alleviate a fuel shortage. According to a statement from the ministry, incentives include reducing waiting times for permits and lowering taxes on imported goods. The incentives, which are part of a government order, aim to boost Andean economy, especially in the agriculture, mining, and construction sectors. Bolivia is heavily dependent on imported fuels, as the local production of gasoline and diesel only makes up around 30%. Bolivia is pushing for increased imports as...

Documents seen by revealed that Brazil's Petrobras had received approval from the environmental agency of the country to remove corals from undersides of the drilling vessels it intends to use in Foz do Amazonas. Monday, the firm's request for a vessel to drill off of the coast of northern Amapa State was granted if the firm obtains the long-sought exploration license in the environmentally sensitive area. Corals are a potentially invasive specie if they were moved to another biome. This process must be supervised by Ibama - Brazil's environmental agency. Petrobras considers the Equatorial margin as the most promising frontier...

On Tuesday, President Donald Trump doubled the planned tariffs on steel and aluminum imports from Canada. This was in response to Ontario's decision on Monday to impose a 25% tariff for its electricity exports into the U.S. Trump posted on his Truth Social media page that he had instructed his Commerce Secretary to impose an additional 25% tariff for metals products. The new tariff will be in effect Wednesday morning. "Canada must also immediately remove their anti-American Farmer tariff of 250% to 390 % on various U.S. Dairy Products, which is long considered outrageous. "I will declare a National Emergency...

YPF, the state-owned oil company in Argentina, reported on Friday a 15% increase in its adjusted earnings for the full year before interest, tax, depreciation, and amortization (EBITDA), which reached $4.65 billion. The company attributed this increase to a recovery in local fuel prices, an increase in oil exports, and the expansion of shale production. The company reported that oil production from Vaca Muerta - one of the world's largest shale gas and oil formations - would increase by 26% in 2024 to 122,000 barrels of oil per day on average, with 138,000 bpd during the last months of 2018....

A notice on the Treasury Department's website showed that the U.S. Treasury Department had extended until early July a licence protecting Venezuelan-owned refiner Citgo Petroleum against creditors. The move came after President Donald Trump's government terminated a license for Chevron that allowed it to operate in Venezuela. Venezuela's opposition asked the U.S. for protection of Citgo - the crown jewel in the South American nation's overseas assets - as an American court proceeds this year with the auction of parent shares to pay its creditors. After the auction, the Treasury's Office of Foreign Assets Control (OFAC) must approve any new...

Gold price surge helps drive deforestation Mercury from gold mining pollutes rivers Clean tech boosts productivity for women miners By Dan Collyns Illegal mining in Madre de Dios has created a landscape that resembles a desert, with craters, dead animals, and poisoned waterways. "We can't continue to pollute and release more mercury into the atmosphere," said Victoria Condori (65), an artisanal mining concession owner on the Madre de Dios River. She employs 16 workers in an 800-hectare (1,977 acre) area. A dozen miners, using heavy diggers, hoses with high pressure and sluices can turn 20 tons of soil in to...

The trade war sparked by U.S. Tariffs poses a threat to metal demand, according to the Chilean Antofagasta's head. However, he said that AI and other technologies could compensate for any decline in traditional consumption due economic weakness. He said that President Donald Trump’s policies may create a more favorable environment for mining investment. Trump's announcement last week of tariffs, followed by China's retaliation, caused chaos on the financial markets, and sent copper prices plummeting. Ivan Arriagada, CEO of Antofagasta, said during an interview at the CESCO Copper Conference in Santiago, that he expects supplies of copper to remain limited....

Codelco, Chile’s state-owned copper manufacturer, increased production in the first quarter of 2025. Trade war escalates Maximo Pacheco, chairman of the board, said that there is a growing relationship between China and the U.S. The world's largest copper producer recorded slightly higher production in the first quarter than the same period of 2024. It is also maintaining its production guidance, even after a nationwide power outage in Februrary crimped the output. In an interview given ahead of the CESCO/CRU conferences on the copper industry in Santiago, Pacheco stated that "we will have a quarter which will be slightly better than...

The global trade war, started by U.S. president Donald Trump, has intensified this month, after he announced tariffs on the majority of U.S. imported goods. This sparked fears of a global recession, sent jitters through global financial markets, and drew condemnation from world leaders. Trump announced his plans to increase "reciprocal duties" on several of the United States' largest trading partners on April 2, which he called "Liberation Day." Tariffs of 10% were in effect from April 5 to 9, while higher reciprocal rates would be implemented on April 9. The new U.S. trade barriers are the highest in over...

According to sources from the mining companies and the communities, Chile's indigenous communities in the lithium rich Atacama Desert have been in discussions with two of the country's largest miners in order to gain more control over plans to increase the extraction of battery metal. Negotiations with Chilean state-run Codelco – the world’s largest copper producer – and Chilean Lithium producer SQM are taking place as the two companies near a final partnership, which will see the state enter the production of lithium, a metal essential for electric vehicle battery technology. Exclusively learned, the talks began in March to create...

The only option for U.S. trade partners in the current trade war with Donald Trump is to sue. Most countries that are hit by tariffs of 10%-50% on their exports, to the dominant economic superpower in the world, lack the firepower or political will to fight back, according to government officials, economists, and trade experts. The vast majority of Trump's trading partners didn't immediately respond and instead indicated their willingness to negotiate with him a compromise that would save face. Even those who have counter-measured left the door open to negotiations. China, who on Friday imposed an additional 34% tariff...

Six people were killed and others are missing after a violent clash between two groups in Bolivia who were disputing the exploitation small gold deposits, said a representative of a mining cooperative on Thursday. According to an initial Bolivian Police report, the incident began early in the morning, in the municipality Sorata, located 150 km north of the capital La Paz. Police and firefighters deployed in the area caused severe damage as well. "They've blown up diesel tanks and even machinery with dynamite." Six people have been reported dead, and more are missing", Jhonny Silva said. He is a representative...

A government notification states that India launched an anti-dumping investigation at the request of an industry group over imports from Australia, China and Russia of met coke (low-ash metallurgical or met coal). In a March 29 notice, the Commerce Ministry said that the Indian Metallurgical Coke Manufacturers Association requested an investigation into the imports. These imports have more than doubled in the last four years due to concerns about local companies. According to the notification, the trade body said that there was no difference between the quality of met coke imported from abroad and the domestically produced version, which is...

Ruben Alvarado, the CEO of Codelco, Chile's world-leading copper producer, said that some of the company's spot sales have been directed to the United States. In an attempt to rebuild U.S. manufacturing, U.S. president Donald Trump ordered in February a probe on potential new tariffs for copper imports. Copper rush is on Alvarado said that he didn't see any reason why copper should be subjected to a tariff or sanction, and he anticipated that the long-term fundamentals of copper demand would outweigh short-term fluctuations. Codelco has reported an increase in its earnings for 2024, with a profit before tax of...

Buenaventura is one of Peru's biggest mining companies. On Tuesday, it signed a water agreement with the government in an effort to develop a large copper project, at a time when production of the red metal has been declining. Proinversion, a state-run agency which signed the contract with Buenaventura, estimated that investment in the Algarrobo mine and water infrastructure project in Peru's northwest Piura Region could reach 2,77 billion dollars over a period of 10 years. The project depends on an agreement reached between the company, the neighboring communities and the Tambogrande District. This would guarantee the district's water supply,...

The UK's benchmark FTSE 100 rose on Monday. Investors were also waiting for more clarity about U.S. president Donald Trump's proposed tariffs. The blue-chip FTSE 100 index was up 0.19%. The domestically-focused FTSE 250 index gained 0.12%. Anglo American Antofagasta Rio Tinto Glencore Fresnillo and Fresnillo are among the top gainers in the blue-chip index. They rose between 3.6% and 2.4%. The copper price in London has also risen, following the weakness of the dollar. The pan-European STOXX 600 index rose 0.4%, led by mining stocks. This week, key economic data will be released including UK inflation numbers, a budget...

Data from the nation's INEI statistical agency on Saturday showed that Peru's economy grew 4.07% during the first month in 2025. This was in line with forecasts by the central bank and analysts, with almost all sectors registering growth, with the exception being the financial sector. The January data was slightly above the 4% estimated by analysts, but lower than the 4.85% recorded last month last year. Mining and energy, the Andean nation’s most important sector, grew by 1.4%. Meanwhile, agriculture and fishing, a smaller sector but still very important to the country's economy grew by 3.2% and 23.5%. Transportation...