South America

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...

Hardeep Singh Puri, the Oil Minister, said on Friday that India could leverage its increasing energy demand to secure better deals for oil and gas supplies, while its refiners are still looking for alternatives to 'Russian oil. India was the largest buyer of Russian crude oil after Moscow invaded Ukraine in February 2022. However, Western sanctions forced Indian refiners eventually to import more from other sources. Puri, a senior Indian official, said that Indian officials had avoided directly mentioning Russian oil imports. However, he added that the supply from "one source", which had surged following February 2022 is now decreasing....

Indian Oil Corp, the top refiner in the country, has purchased 7 million barrels from Petrobras and other suppliers for loading in March to replace Russian oil. Indian refiners have re-calibrated their strategies in order to move away from Russia as the top supplier and increase imports from the Middle East. This could help New Delhi to clinch a deal with the United States for lower tariffs. Sources said that the refiner purchased 2 million barrels Upper Zakum and 1 million barrels Murban from Shell. IOC also purchased 1 million barrels of each Angola Hungo and Clove grade from Exxon....

The U.S. took over Venezuela's oil imports and redirected crude barrels which were used to pay off debts owed to China. What is the debt owed by Venezuela to China and why was it paid after Venezuela defaulted? HOW MUCH DO VENEZUELA OWES CHINA? The data on Venezuela's debt are sketchy, especially since 2017, when U.S. sanctioned triggered a default. AidData, a?research laboratory at the U.S. University William & Mary that tracks lending, estimated official sector Chinese lenders extended loan commitments of $106 billion to Venezuela from 2000 to 2018. Separately they calculated that $44 billion was outstanding in 2017....

The "Sell America' trade is back in the news, and even though it may quieten down after reports of U.S. president Donald Trump's possible Greenland deal it's safe to assume that it won't?go away. We've done this before. Last year, the term "de-dollarization", which was coined by Trump's tariffs-based trade war, became a buzzword. Investors were worried that they would reduce their exposure to U.S.-based assets. This?didn’t happen. U.S. Treasury official figures show that foreigners purchased a net of $1.27 trillion in U.S. Securities during the first eleven months of last year. This was primarily due to a flood of...

A U.S. official stated on Thursday that the Trump administration allows China to purchase Venezuelan crude oil, but not at the "unfair and undercutting" prices which Caracas had sold it at before the U.S. ousted President Nicolas Maduro. The official, who spoke on condition of anonymity, said that while the oil would be sold globally, the U.S. government has insisted that the majority is sold to them. The U.S. claims it will continue to control Venezuela's oil sales after seizing Maduro in January. The official stated that "thanks to President Donald Trump's successful and decisive law enforcement operation, Venezuelans will...

Trafigura, a trading house, sold a 'cargo' of Venezuelan oil, to a Spanish refiner. Vitol, a rival, was preparing to export Venezuelan fuel as shipments from the OPEC nation accelerated, according to oil industry sources. U.S. officials reported that Vitol, Trafigura and other companies obtained their first U.S. licensing to load and export Venezuelan crude oil earlier this month. Initial sales reached $500 million or approximately 11 million barrels last week, they said. U.S. officials said that other companies, such as U.S. giant Chevron, were waiting for Washington's exemptions from U.S. sanctions against Venezuela before expanding exports. According to industry...

Sources in the industry said that Trafigura sold its first cargo of Venezuelan crude oil as part of a 50 million barrel supply agreement between Caracas, Washington and Spain. The shipment was taken by Spanish refiner Repsol. Two sources confirmed that the cargo will be delivered in Spain to Repsol in February. Trafigura did not respond immediately to a comment request. Repsol refused to comment. This deal marks the first time that Venezuelan oil has been sold to Europe since the United States seized?the South American nation's leader earlier this month, and struck agreements with Caracas for the export of...

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...

Zinc did not perform according to script in 2018 and the galvanising material continues to surprise 2026. The London Metal Exchange (LME) is trading at its highest levels in three years this week. A market that was expected to move to an oversupply by 2025, was instead rocked in October by a fierce squeeze. The global mine production is increasing at a rapid pace, but the flow through to the refined metal segment is taking longer than expected. This is because the'surplus' is all stuck in China. LME zinc inventories have increased from the depleted levels of October thanks to...

A securities filing late on Monday showed that Brazilian miner Vale had halted operation at sites where water had overflowed. Analysts estimate the units account for about 2 percent of Vale's iron ore production outlook for this coming year. Vale reported that the city of?Congonhas ordered the suspension and adoption of emergency measures and control measures after the overflows. The overflows also affected the site of steelmaker CSN, and damaged a nearby river. In Brazil's Minas Gerais, the state of Minas Gerais, there were two separate but nearby areas that experienced heavy rain on Sunday. Analysts?said that the suspension of...

The Minas Gerais government announced on Monday that overflowing water from a Brazilian mining area owned by Vale had caused environmental damage when it reached the Maranhao River. The flooding on Sunday in two separate but nearby areas, both owned by Vale and hit by heavy rain, led to a flood at the site of steelmaker CSN. According to the government of Minas Gerais and the companies, there were no injuries in the incidents near Ouro Preto or Congonhas. Vale will be required to 'implement emergency measures' to clean up the affected area, monitor the river and submit an environmental...

According to two sources familiar with the situation, negotiations with Emirates Global Aluminium are slowing down, but that does not mean that the potential sale of Brazilian aluminium manufacturer Companhia Brazileira de 'Aluminio has stopped. One source said that the process is still competitive. One person and another source involved in the negotiations said that China's Aluminum Corporation?of China, and a potential third bidder were actively pursuing the deal. One?of the sources stated that an announcement could be made within days or even weeks. Negotiations could still fail, however. CBA's shares were up 5% in Brazil at mid-morning trading on...

An EU official stated that the European Union and Vietnam would strengthen their ties when Antonio Costa, President of the European Council, visited Hanoi on Thursday. Both sides are seeking to expand international partnership amid disruptions caused by U.S. Tariffs. Costa's visit coincides with To Lam's reappointment as Vietnam’s top official. This could make Costa the first major leader to meet Lam after the ruling Communist Party appointed him as general secretary on Friday. According to the official, who spoke on condition of anonymity, the elevation of ties from Vietnam's "lowest level" was planned for months, but it was delayed...

Chile's Environmental regulator announced?on Friday that Antofagasta Minerals was fined?about $775,000. This is because the company failed to comply with water management regulations in its Centinela Copper Mine. Centinela's Esperanza project and El Tesoro, Antofagasta, will produce 223,800 tons of copper by 2024. SMA, the regulator, said that the company did not follow the monitoring rules in the "El Tesoro project's" environmental impact study or the additional monitoring plan. This was evident because the regulator did not have records of a well called 'LE-1. They also failed to measure water flow at "La Cascada", spring, as often as they were...

BHP, the global mining company, said that striking contract workers were disrupting an important route which?provides access? to Chile's Escondida copper mines and Zaldivar?copper?mines. This is causing problems with shift changes and a?intermittent vehicle traffic?. Workers employed by Finning, who have been on strike for the past month, have set up intermittent blocks on the roads leading to BHP’s Escondida mine and Antofagasta Minerals’ Zaldivar mining. BHP confirmed the roadblocks affected vehicle traffic at Escondida and shift changes. "Our company was affected by a conflict with a third party for four days. The blockades on the mining route have caused...

Gold prices rose on Thursday, as geopolitical tensions boosted demand for a "safe haven" asset, the U.S. Dollar weakened and anticipation of Federal Reserve rate cuts this year aided. As of 11:32 am, spot gold rose 0.8%, to $4,874.94 an ounce. ET (16:32 GMT) after falling by nearly 1% in the earlier session. On Wednesday, the metal reached a new record high of $4,887.82. U.S. Gold Futures for February Delivery increased by 0.8% to $4.877.20 an ounce. The U.S. Dollar fell?0.4% versus rival currencies, making greenback priced bullion more appealing to overseas buyers. Peter Grant, senior metals analyst at Zaner...

Gold reached $4,800 per ounce for the very first time Wednesday due to geopolitical tensions including U.S. president Donald Trump's bid for control of Greenland. By 11:30 am, spot gold had risen 1.6% to $4,838.91 an ounce. ET (1630 GMT), having risen as high as $4,887.82 in earlier sessions. U.S. Gold Futures for February Delivery climbed 1.7%, to $4.844.20 an ounce. Bob Haberkorn, senior market strategist at RJO Futures, said: "There is a fear that people will miss out on this opportunity. I believe given the geopolitical climate in the world right now it's an ideal storm for higher gold...

Gold reached $4,800 per ounce on Wednesday for the first time as geopolitical tensions, including U.S. president Donald 'Trump's bid to control Greenland, drove demand for safe havens. By 9:30 am, spot gold had risen 2.1% to $4,865 an ounce. ET (1430 GMT), the price of gold had risen to $4,887.82 in earlier sessions. U.S. Gold Futures for February Delivery climbed almost 2% to $4.856.3 per ounce. Bob Haberkorn, senior market strategist at RJO Futures, said that there is a 'fear' of missing out. Given the geopolitical climate in 'the world' it's an ideal storm for higher prices of gold...

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...