South America

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...

Three sources with knowledge of the situation said that the United States has informed Delhi it may resume its purchases to replace Russian?oil imports. India promised to cut its Russian crude oil purchases following Washington's tariff hikes on this activity. India is also on track to reduce its Russian oil imports in the next few months by several hundred thousands barrels per day, according to sources who declined to identify themselves. In March 2025, President Donald Trump imposed tariffs of 25% on countries that bought Venezuelan oil, including India. His administration also stepped up its campaign against Venezuelan president Nicolas...

Exxon Mobil, Chevron and other U.S. oil companies offered investors some new insights into their thinking on Venezuela Friday. However, neither company made any 'long-term commitments' despite President Donald Trump’s ongoing push to convince American oil companies to'rebuild' the South American country's oil sector. Exxon CEO Darren Woods praised his company's ability to extract Venezuela's heavy crude, which is traditionally expensive and difficult to obtain at a cheaper price. Meanwhile, Chevron CEO Mike Wirth announced that his company would refine more Venezuelan crude in its U.S. refineries. Both CEOs stated that they needed to wait for a stable political and...

Mike Wirth, CEO of Chevron, said that the U.S. major oil company can refine an additional 100,000 barrels of Venezuelan crude per day at its refineries. "We have been bringing in about 50,000 barrels per day, plus or minus, to our Pascagoula refinery, Mississippi, on the Gulf Coast. Wirth stated during a conference call with analysts that we can add another 100,000 barrels per day to our system. This is true for both Pascagoula, and the West Coast where El Segundo has coking capacity. "I think you can expect to see more Venezuelan crude being used in our system, if...

Even though oil prices rose 15% in January on the back of fears that a new U.S. attack on Iran was imminent, they remain in a narrow range. A well-supplied oil market makes it unlikely that either side will be able to push prices higher. It would take a massive, sustained action to make a significant impact on the global supply-demand imbalance. Brent crude futures are at their highest level since July?last year. This puts the global benchmark in line for its largest monthly gain since January 20,22, when Russian troops were preparing to enter Ukraine. A series of major...

Valero Energy announced on Thursday that it had 'purchased' Venezuelan crude oil from authorized sellers. The company expects this grade to be a major part of the heavy oil diet for its refineries as soon as next month. U.S. refining companies are expected to gain from President Donald Trump’s efforts to increase oil production in Venezuela and to rebuild the country’s deplorable oil sector after the capture of Nicolas Maduro this month. Valero said that it had engaged with all three authorized sellers, and bought barrels from each of them. This was in an email sent to customers on Thursday...

Four people who are familiar with these reports in recent days have expressed doubts that interim Venezuelan president Delcy Rod will cooperate with Trump's administration by cutting off ties to U.S. enemies. Officials of the United States have publicly stated that they want Venezuela's interim president to cut ties with allies such as Iran, China, and Russia. They also want their diplomats and advisors expelled from Venezuela. Rodriguez, who was sworn in by the representatives of these countries at the beginning of this month, has not yet publicly announced such a decision. She was elected president on January 3 after...

Vikas Kaushal, chairman of India's Hindustan Petroleum Corp Ltd, said that the refiner will increase the heavy oil processing in the new fiscal year starting April. Indian refiners are Consideration Importing Venezuelan crude oil, which is offered by Vitol or Trafigura as part of a U.S. mandated sale following Washington's capture of Venezuelan President Nicolas Maduro in the first half of this month. "We're trying to increase the flexibility of our system, as we have two new installations, which will allow us to process heavy crudes more efficiently,"?Kaushal said to reporters at the Indian Energy Week Conference, referring specifically to...

Kemol King GEORGETOWN Jan. 26 - Guyana's economy expanded 19.3% in 2025, despite a lower growth in oil production and exports than in previous years. Finance Minister Ashni Singh announced this on Monday, when presenting the annual budget. Singh stated that the oil sector will grow by 21% in 2025, compared to 57.7% the year before. The non-oil industry is expected to grow by 14.3%. This growth was primarily driven by agriculture, mining and construction, as well as the services sector. Singh stated that "our overall real economic growth continues be supported by strong growth in the oil and gas...

The agency said in a Monday evening statement that the waste piles of Sigma Lithium at a Brazilian mining site do not pose an "imminent threat" and the country's regulator for mining did not see the need to close them down during a recent visit. ANM's Technical Staff visited the mine in January, about a month after labor inspectors had shut down the piles because they warned of an "imminent and grave risk" for workers and local residents. Sigma's share price fell by 30% following the shutdown. The inspectors' decision was reported on January 15, 2019. ANM's report does not...

The?agency? said in a Monday evening statement that the waste piles of Sigma Lithium at a Brazilian mining site do not pose an "imminent danger" and that it did not see any need to close them during a recent visit. ANM's Technical Staff visited the mine in January, about a month after labor inspectors had shut down the piles because they warned of an "imminent and grave risk" for workers and local residents. Sigma's stock fell by 30% when it was reported that the inspectors had made their decision on January 15th. ANM's report does not change the Brazilian Labor...

Eramet fell on the Paris Stock Exchange on Monday after the sudden firing of its CEO, just months into his term, caught investors off guard and raised concerns about governance at the nickel-manganese-lithium miner owned in part by the French state. Eramet announced on Sunday that it had fired Paulo Castellari because of disagreements over "operating methods". It temporarily reappointed Christel Bories as Chairwoman, a role she had handed to Castellari in May last year. Analysts were stunned by the decision, and credited Castellari for his early efforts in restructuring the group. The group had?faced declining profits and rising debt...

Capstone Copper Corp. resumed its operations at the Mantoverde Copper and Gold Mine in northern Chile despite a strike by a union that represents nearly 22%. In a filing to the Australian stock exchange dated 1 February, the company reiterated that it expected to continue operating at a level of 50% to 75% normal production throughout this strike. The shares of Capstone Australia listed depositary receipts fell as much as 4.5 percent to A$15.810 per day, their lowest levels since January 23. The decision to resume operations was made following a Chilean Court ruling that authorized the removal of striking...

The Chilean Court authorized the use of force on Friday to remove striking workers from a desalination facility serving Capstone Copper’s Mantoverde Copper and Gold Mine. This escalating labor dispute came hours after workers voted to reject?the latest contract offer by the company. The employees at Mantoverde have rejected the revised proposal that was presented by the company. It included final payments of about $17.400 per member, and a wage adjustment of 1%. This means their strike, which began at the start this month, will continue. According to the union, despite only?14% eligible employees voting against the offer, the majority...

Gold prices fell by over 8% on Friday to 'break below $5,000 mark as the dollar strengthened due to the upcoming appointment of the new U.S. Federal Reserve chair. However, the safe-haven material remained on track for its largest monthly gain since 1982 following multiple record highs. As profit-taking took hold, other precious metals have also fallen sharply. Gold spot was down 5% to $5,124.37 per ounce at 1132 GMT. It had fallen earlier in the day to $4,957.54. U.S. gold futures for delivery in February fell by 3.9% to $5118.40. Gold reached a record high of $5,594.82 Thursday, and...

Gold prices fell by over 7% on Friday, breaking?below $5,000. The dollar was strengthening on the news of the imminent appointment of a new U.S. Federal Reserve chair. However, the safe-haven material remained on track for its largest monthly gain since 1999. As profit-taking took hold, other precious metals have also fallen sharply. By 0947 GMT, spot gold had fallen 7.5% to $4.992.05 per ounce. U.S. Gold Futures for February Delivery fell 6.4% to $ 4,985. Gold reached a record high of $5,594.82 in the US on Thursday. It is on course to gain more than 15% this month. This...

The firms announced on Thursday that the Aluminium Corporation of China (Chinalco), and Rio Tinto had agreed to purchase a controlling interest in Companhia Brasileira de Aluminio, for a total amount of 4.69 billion Reis ($903.61 millions). The companies said that together they will purchase 68.6% or 446.6 millions shares of Brazilian aluminium manufacturer CBA at a price of 10.50 reais per share. They added that the Brazilian conglomerate Grupo Votrorantim will purchase the controlling stake. Both will launch a tender for the remaining CBA shares, a move that is required by Brazilian regulations and could lead to the removal...

Capstone Copper’s Mantoverde Copper and Gold Mine in?northern Chile announced on Wednesday that it had presented a new contract offer to its workers to try to end a strike which began early in January after discussions over new labor contracts failed. The company stated that the offer is the same as the previous proposal. It includes the payment of the equivalent of $17.400 per employee. Since January 2, members of?Union 2 are on strike after formal negotiations?broke down. After a striker group occupied the desalination facility of 'the mine' more than ten days ago, there have been few signs of...

The gold price surpassed $5,300 an ounce on Wednesday for the 'first time,' driven by economic uncertainties and a weakening?U.S. dollar. Investors waited for the Federal Reserve to announce its policy amid growing concerns about their independence. By 12:45 pm, spot gold had risen 1.9% to $5,289.48 per ounce. After reaching a record of $5,311.31, ET (1745 GMT), gold prices fell to $5,289.48 an ounce. The previous session saw prices rise by more than 3%. U.S. Gold Futures for February Delivery jumped by 4% to $5286.50 per ounce. Dollar-priced gold is now cheaper for foreign buyers. Peter Grant, senior metals...

Investors waited for the Federal Reserve to announce its policy, amid growing concerns about the independence of the Fed. By 11:05 am, spot gold had risen 1.7% to $5,278.28 per ounce. After reaching a record of $5,311.31, ET (1605 GMT), gold prices fell to $5,278.28 an ounce. The previous session saw prices rise by more than 3%. U.S. Gold Futures for February Delivery jumped by?3.8% to $5275.30 per ounce. Dollar-priced gold is now cheaper for foreign buyers. Peter Grant, senior metals analyst at Zaner Metals and vice president at Zaner Metals said: "The rally has taken on a new life...

Gold prices rose to $5,300 an ounce on Wednesday for the first-time as a result of waning confidence in the U.S. Dollar and growing concerns about the independence of the U.S. Federal Reserve. Gold spot jumped by 1.3%, to $5,255.95 per ounce, at 1131 GMT, after reaching a record of $5,311.31. Prices rose by more than 3% during the previous session. U.S. Gold Futures for February Delivery jumped by 3.3%, to $5.250 an ounce. "Gold is not only rising because of market anxiety but also due to a shift in confidence towards a more 'cautious stance,'" said Linh Tran senior...