South America

The Venezuelan government owes Repsol 4,55 billion euros ($5,37 billion), the Spanish energy group said in its report for the first-time on Thursday. Repsol is active in Venezuela since over 30 years, employs staff and is a major partner of the state energy company PDVSA. It is one of a few companies that have been granted a license to run oil and natural gas operations in Venezuela by the U.S. Treasury Department’s Office of Foreign Assets Control. Repsol received a permit in March of last year from the U.S. authorities allowing it to receive PDVSA oil as "payment for debt"....

U.S. officials reported that General Francis Donovan and Joseph Humire, a senior Pentagon official, made a surprise visit to Venezuela for security discussions on Wednesday. This is the first trip by a U.S. Military delegation since U.S. Forces captured Venezuelan president Nicolas Maduro last month in an audacious operation and whisked to New York for drug-trafficking accusations. First reported by. The Venezuelan government reported that the U.S. delegation met with interim President Delcy Rodriquez, Defense Minister Vladimir Padrino and Interior Minister Diosdado Cabello. Both sides have agreed to collaborate to fight drug trafficking, terrorism, and migration. Padrino and?Cabello both face...

According to sources who are familiar with these efforts, Phillips 66, Citgo Petroleum, and other U.S. refiners want to purchase heavy crude oil directly from Venezuelan oil giant PDVSA in order to maximize their profits. They do not plan to use trading houses or the U.S. oil giant Chevron. Trafigura Trading and Vitol secured the first U.S. export licenses for Venezuelan oil in January as part of a $2 Billion deal between Caracas & Washington. Chevron holds an authorization to ship and operate in Venezuela since last year. Refiners have purchased cargos from these three companies in the U.S. as...

According to industry sources, data from January shows that India's oil imports were the lowest since late 2022. Middle Eastern crude supplies rose to their highest level in the same time period. India, which is the third largest oil consumer and importer in the world, has increased its purchases of Russian oil discounted by Western nations following Moscow's invasion of Ukraine in 2022. Volumes have topped 2 million barrels a day in certain months. But Western sanctions on the war, and the pressure to sign a trade agreement with the United States have forced New Delhi to reduce its Russian...

President Donald 'Trump said on Friday that the United States' relationship with Venezuela is "very good". He also stated his intention to visit Venezuela. Trump's praise of Venezuela's interim leader Delcy Rodrguez follows the U.S. arrest of Venezuelan president Nicolas Maduro, in January. The Trump administration also wants to increase oil deals with Venezuela. Trump said to reporters at the White House that he would be visiting Venezuela, but he didn't give any further details. Trump noted that the United States "work very closely" with Rodriguez to ensure?access? to oil. Trump said, "I would rate the relationship we currently have...

Chris Wright, the U.S. secretary of energy, told NBC News that oil sales from Venezuela under U.S. control have reached a total of?over $1billion since President Nicolas Maduro was captured in January. In the coming months he expects to bring?in 'another $5billion. He added that the U.S. government under President Donald Trump had given Venezuela's interim administration the proceeds of sales from U.S. oil refineries. Wright, on the second day of his visit to Venezuela, said, "Sales are now over one billion dollars and we have some sort of short-term deals over the next couple of months that will bring...

Izvestia, a Russian newspaper, reported on Thursday that Russia was preparing to ship crude oil and fuel to Cuba within the next few months. Cuba has been hit by fuel shortages since the U.S. cut off its oil supply. The communist-run Island has informed international airlines that there will be no jet fuel available. This is the latest sign of rapidly worsening conditions. Venezuela has been a major supplier of jet fuel to the United States for many years. However, since Washington's 'blocking of Venezuelan exports in mid-December, it hasn’t received any crude or refined products. A Russian diplomat said...

A poll released on Tuesday showed that Colombia's economy is likely to grow strongly in the 4th quarter of 2025, compared with the same period one year earlier. This growth will be driven by robust domestic consumption and public spending. According to 12 analysts' median estimates, Colombia's gross domestic product (GDP), likely grew 3% on an annual basis in October-December, compared with 2.3% for the same quarter in 2024, and 3.6% for the third quarter last year. Predictions ranged between 2.5% and 3.2%. The median estimate for the fourth-quarter is consistent with the forecast of the central bank. Bancolombia stated...

Marathon Petroleum bought two cargoes Venezuelan crude oil at the end of January, and executives expect their refineries to process more heavy grades. Refiners in the United States are expected to gain from President Donald Trump’s efforts to increase output in Venezuela, and to rebuild the country's deteriorating oil sector after the capture of Nicolas Maduro last month. Since Washington and Caracas met, Venezuelan crude oil exports have risen. Deal worth $2 Billion Last month, U.S. Gulf Coast Complex Refineries The U.S. produces heavy sour oil, but Venezuela's is more suitable for processing. Maryann Mannen, CEO of Marathon Oil, said:...

Four trade sources reported?on Tuesday that the independent Chinese refiner Chambroad Petrochemical had purchased one Canadian crude cargo for May delivery. This follows a decrease in Venezuelan crude supply to China. According to sources, the refiner is one of the biggest buyers of Venezuelan crude oil. It also imports Canadian oil from the Trans Mountain pipeline for its bitumen manufacturing. Chambroad bought Canadian Cold Lake Crude exported?from TMX for a discount of close to $5 per barril compared to the July ICE Brent contract, according to two people. The crude was to be delivered to the eastern Shandong Province in...

Donald Trump, the U.S. president, said that he and India had reached a deal on Monday. He also stated that New Delhi agreed to stop purchasing Russian oil in favor of buying more from the U.S. Here are some of the most important developments in U.S.-Indian Trade Relations over the last year. Why did India-U.S. Why did the India-U.S. Trump surprised India in April to August 2025 by imposing an initial 25% tariff on goods sent to the United States. The U.S. then imposed a second 25% tariff citing India's purchases of Russian oil. Tariffs on Indian goods sent to...

On Sunday, the United States accused Cuba of interfering in the work of their top diplomat at Havana after small groups of Cubans laughed at him outside the capital during meetings with residents and church representatives. On social media, the State Department accused Cuba of using "failed intimidation techniques" and demanded that Havana cease "sending individuals who interfere with diplomatic work of the United States." Charge d'Affaires Mike Hammer. The tension between the two long-time enemies has increased after U.S. president Donald Trump declared Cuba an "unusual and extraordinary threat" against the national security of the United States and announced...

On Wednesday, Peruvian legislators elected Jose Balcazar to be the interim president of the country ahead of the general elections scheduled for April. This makes him the eighth president the country has had in the last five years. Since 2018, Peru has seen a rapid succession in presidents. This reveals a rupture between the executive and Congress, as well as a fragmented system of parties that is unable to form lasting coalitions. Balcazar (83), replaces Jose Jeri who was ousted from office after only four months by Congress following a scandal involving undisclosed meeting with a Chinese businessman. Balcazar also...

The Peruvian Congress ousted President Jose Jeri on Tuesday, just four months after he began his term. This was due to a scandal surrounding a Chinese businessman's?undisclosed meeting with him. This extended a cycle of political turmoil that has been sweeping the Andean country for the last decade. 75 legislators voted to remove Jeri from office, 24 against it and 3 abstained. The new Congress head will be elected by the legislators. He will then assume Peru's Presidency, making him the eighth President in just as many years. Jeri's removal from office is the third time in a row that...

Antofagasta, a Chilean miner, posted a 52% increase in its annual core profit on Tuesday, as record prices for copper offset softer output. It also said that increased capital expenditures would support production over the medium-term. Analysts had expected that earnings before interest, tax, depreciation, and amortisation would reach a record of $5.2 billion in 2025, up from $3.43billion a year ago. This was due to the fact that copper prices rose by more than 40%. Antofagasta proposed a final dividend of 48 cents per share for 2025, bringing its dividend payout ratio to 50%. Since more than a decade,...

While 2026 is off to a rough start in terms of geopolitics, many equity investors around the world are still trying to find bargains. There are still some pockets of potential value for those who are willing to look outside the U.S. You might not expect to find them. Last year at this time, European and emerging markets equities traded below their historical valuation ranges. But after a strong 12 month run, these broad discounts have mostly disappeared and now most major indices look fully valued. Price pullbacks are likely to occur in a year with high valuations and increased...

Codelco, a state-owned copper miner in Chile, removed on Friday three executives from its El Teniente division after an internal audit found inconsistencies related to a previous accident at the same mine. Codelco stated that an internal audit resulting from the El Teniente accident in July revealed "serious breach of duty" on the part of executives following a rock blast within the mine in the year 2023. This included in the company’s reports to the mining regulator Sernageomin. Codelco announced that Chief Operations Officer Mauricio Baraza, who was responsible for all Codelco mine divisions as well as El Teniente's Claudio...

Analysts praised a core profit that was above expectations and predicted a positive reaction to the shares. Rio de Janeiro-headquartered Vale, one of the world's largest iron ore producers, posted a $3.8 billion net loss for the October-to-December quarter, compared to a $694 million loss in the same period of 2024. Analysts polled at?LSEG expected a profit of $2.7 billion. Vale Base Metals reported a $3.5billion impairment of its?nickel assets located in Canada. This was "caused by a downward adjustment in long-term nickel prices based on market estimates". The company also noted a $2.8 billion write-off from deferred taxes assets...

Lundin Gold, a Canadian mining company, is investing $100m?this year to prolong the life of its Fruta Del Norte mine located in Ecuador. The 'price of gold' remains high. Executives said that the investment is intended to "bolster" exploration efforts by adding 133,000 meters of drilling in concessions across the Amazonian Province of Zamora Chinchipe. This area has been affected by illegal mining. Lundin wants its reserves to be increased from 5.54 million ounces and find new deposits by launching a 3-year project in 2025. The mine has seven drilling rigs in the mine and another 11 on the surface....

The Serious Fraud Office of Britain dropped charges against three people for alleged bribery committed in Sierra Leone and announced that it would be reviewing?potential?disclosure concerns in approximately 20 other cases. London Mining is the latest prosecution that has failed after the SFO was unable to provide relevant evidence to defence. In 2023, the SFO opened an investigation into former chief executive David Graeme Hossie (60), ex-CFO Rachel Rhodes (55), and former consultant Ariel Armon (57). The SFO required more time to review any evidence that might have been disclosed to the defense. Their trial was then delayed until January...

Claudio Sougarret, the mine's head, said on?Tuesday that production at Codelco’s El Teniente will be affected for?the next?five years. He said that the mine will produce 301,000 tons of red metal in this year. This was on the sidelines an event to showcase the results of a study of biodiversity near the mine. He said that he hoped to "push?that production" up a little, but cautioned it would be "?around there and will be for the next five year." Codelco, world's biggest copper?miner, has previously stated that production will be affected for the next 3 years. A collapse at the...

Sources said that India has been in discussions with Brazil, Canada France and the Netherlands to explore, extract and process critical minerals. Sources who declined to identify themselves because the discussions were confidential said that the focus would be on rare earths and lithium, but also that India would seek to access mineral processing technologies. Mining experts say that India's heavy reliance on its arch-rival China, who dominates the global supply of minerals and has advanced technology in mining and processing, highlights the need to reach out to other countries to reduce emissions as it accelerates?its energy transformation. Mining can...

A company executive stated that Vicuna Corp., located in the Andes Mountains at more than 4,200 meters above the sea level, on the Argentina-Chile Border, is aiming to double its investment in this year's one of the biggest copper bets in the world. Caterina Dzugala, communications director at Vicuna Corp. (formed by BHP Australia and Lundin Mining Canada) said that the company could invest up to $800 million in the Filo del Sol mine and Josemaria Mine this year. Both projects may be the most important copper developments in history. "In 2025 almost $400 million were invested...and we aim to...

Argentine Foreign minister?Pablo Quirno said that a deal between Argentina and 'the U.S. on critical minerals signed this week doesn't rule out Chinese investments?into the mining sector of the country. As of today, this does not mean that China will or cannot invest in Argentina. Quirno stated at a press briefing that China has made investments in Argentina in the form of minerals. The agreement was announced following a meeting in Washington of over 50 countries where U.S. Vice President JD Vance suggested a trading block for critical minerals. On Thursday, the two countries finalized their reciprocal trade agreement and...