South America

He told a local station that he would meet with Ibama, the Brazilian environmental agency, this week or next to discuss Petrobras’ bid to drill near the mouth the Amazon River. Lula, who has defended Petrobras, the state-owned company that is exploring the region, stated in the interview that Obama was a government agency "that seems to be working against the government" and escalated recent criticisms against the regulator. The meeting did not lead to any final decisions on whether Petrobras could drill in this environmentally sensitive area. Ibama, in May 2023 denied Petrobras’ request for an offshore oil drilling...

Haitham al Ghais, secretary general of OPEC, said that the group's decisions are based on a long-term perspective and aim to provide price stability. He made this statement at the India Energy Week Conference held Tuesday. The comments come after U.S. president Donald Trump repeatedly urged the producer group to boost oil production in order to reduce prices. The Organization of the Petroleum Exporting Countries (OPEC+), a group also known as OPEC, announced earlier this month it would continue its policy of increasing oil production gradually from April. "We read the markets. Al Ghais stated that they analyze supply and...

Fluxus, a Brazilian oil and natural gas company owned by the conglomerate J&F has decided to withdraw its bid to purchase assets onshore owned by Brava Energia. This was announced in a Friday statement. Fluxus was invited to take part in the second phase of the sales process, but after a preliminary review decided to not proceed. This pushed Brava Energia's shares lower. Sources familiar with the issue told the media earlier this month that Fluxus made a non-binding bid for the assets onshore as part of its expansion strategy. However, the interest would depend on the results of further...

CNN, citing an insider familiar with the situation, reported that Richard Grenell, the envoy of U.S. president Donald Trump, is scheduled to meet Venezuelan President Nicolas Maduro in Venezuela on Friday. Could not verify immediately the meeting. Trump said that his administration will likely stop purchasing oil from Venezuela, and is looking at Venezuela "very closely" Grenell, Trump’s special mission envoy, said earlier that he had spoken with several officials in Venezuela, and would start meetings days after the Biden administration, which is leaving office, imposed new sanctions against the government of Maduro. Grenell, in a posting on X, revealed...

A U.S federal judge in Delaware on Monday approved brand-new terms to relaunch bidding in a. complex auction of shares in the moms and dad of Venezuelaowned. refiner Citgo Petroleum, set to pay creditors for defaults and. expropriations in the South American nation. The modifications seek to motivate higher offers and approve a fair. bidding procedure for all celebrations after a $7.3 billion conditional. quote by an affiliate of hedge fund Elliott Investment Management. in 2015 was rejected by most of the 18 creditors getting involved. in the auction. Judge Leonard Stark approved a termination fee comparable to. 3% of...

The United States and Venezuela have a stuffed current history marked by damaged diplomatic relations, sanctions and allegations of criminal activity and coupplotting. U.S. President Donald Trump - who during his very first term used a maximum pressure sanctions policy against President Nicolas Maduro - referred to Maduro as a totalitarian throughout the 2024 U.S. campaign. The administration of former U.S. president Joe Biden reinstated broad oil sanctions in April after it stated Maduro failed to keep guarantees for a totally free election. It likewise imposed targeted sanctions on lots of authorities and increased rewards for the capture or conviction...

U.S. President Donald Trump said on Monday that his administration would likely stop buying oil from Venezuela and was looking extremely highly at the South American country. It was a great country twenty years ago, and now it's a mess, Trump informed press reporters in the Oval Office hours after his inauguration. We do not need to buy their oil. We have a lot of oil for ourselves. Trump's envoy for special objectives, Richard Grenell, had earlier said he consulted with multiple authorities in Venezuela and would start meetings early Tuesday, days after the outgoing Biden administration enforced brand-new sanctions...

Guyana's economy accomplished its fifth successive year of doubledigit growth in 2024, expanding 43.6% as oil production and exports showed solid increases, Finance Minister Ashni Singh informed the parliament on Friday. Latin America's newest oil producer last year became the area's fifth largest unrefined exporter after Brazil, Mexico, Venezuela and Colombia, and was determined as one of the main factors to the growth of global oil materials. The oil sector broadened 57.7%, while the non-oil sector grew 13.1% in 2015, the minister stated. Oil output increased to approximately 616,000 barrels daily ( bpd) from 391,000 bpd the previous year as...

The world's largest meatpacker, JBS, became in 2021 the very first of its peers to devote to cutting or balancing out all its emissions by 2040, and to ending prohibited deforestation throughout its long supply chain that starts in the heart of the Brazilian Amazon. It used terms such as dedication and pledge, and a. slogan that anything less is not an alternative, to explain its. plan on calls with financiers about a sustainable bond issue and. in marketing materials, consisting of for its beef. Nearly four years later on, Jason Weller, worldwide chief. sustainability officer at the business in...

Brazilian digital loan provider Nubank has actually signed a contract with Mexican convenience shop chain Oxxo, run by FEMSA, to broaden its cash deposit and withdrawal network in the North American nation, the firms revealed on Monday. WHY IT is essential Warren Buffett-backed Nubank, among the Latin America's. biggest firms by market price, has been aiming to scale its. operations in Mexico and Colombia after growing in Brazil, its. home market, where it has more than 100 million consumers. While Nubank's Brazil operations are nearly fully digital,. the lending institution has been utilizing different techniques to grow in. Mexico, where...

Brazil's staterun oil company Petrobras is near a deal that would permit it to resume management of 2 fertilizer plants in the northeast of the nation that had actually been leased to chemical firm Unigel, two sources with knowledge of settlements told Reuters. Under the brand-new arrangement, Petrobras would manage the plants, while Unigel would be worked with to run them and offer maintenance for 5 years, stated the sources. It was not immediately clear just how much Petrobras would spend for the services. Unigel has actually already agreed to the deal, but Petrobras' management is awaiting a report by...

Britain announced new sanctions on Friday versus 15 individuals connected with Venezuelan President Nicolas Maduro's federal government, stating they were responsible for human rights violations and undermining democracy and the guideline of law. The sanctions target 15 people, including the head of Venezuela's leading court, members of the security forces and military officials, Britain's Foreign Workplace said in a. declaration. The sanctions were announced on the day of Maduro's. inauguration for a third term and coincided with sanctions. enforced by the United States and European Union member states. He has actually stayed in power in spite of a disagreement over...

Luiz Inacio Lula Da Silva, President of Brazil, said that his country would respond to the decision by Donald Trump to impose tariffs on imports of steel. He suggested that Brazil could either file a complaint with the World Trade Organization or tax U.S. goods. "I heard they were going to tax Brazilian Steel." Lula told a radio station that if they did it, "we will respond commercially either by filing a WTO complaint or taxing the products we import from Brazil." South America is the biggest source of U.S. imports of steel. Trump raised steel and aluminum tariffs by...

The Brazilian miner Vale announced on Wednesday that it would announce a 70 billion real investment ($12.2 billion), on Friday, to expand its copper and iron ore mining operations in the Carajas Complex located in the north of Brazil. The presidential palace announced that the investments would be completed by 2030. It added that the announcement would be made during an event attended by Brazilian President Luiz inacio Lula Da Silva and his cabinet. Vale, the world's largest iron ore producer, didn't immediately respond to an inquiry for comment. Carajas is Vale's biggest iron ore production facility, located in Brazil's...

Brazil's Vice-President Geraldo Alckmin called on Wednesday for "caution", and said that the South American nation would seek dialogue after President Donald Trump decided to impose 25% tariffs on steel and aluminium imports. Alckmin told reporters in Brasilia that Brazil is open to dialogue, and will reach out to Trump's administration. He suggested that quotas might be an alternative. Alckmin said that the U.S. trades with Brazil in a surplus, which means that the country's biggest economy is "not the issue". Trump, who was sworn in last month to his second term non-consecutive, is the first target. Steel and Aluminum...

McEwen Copper is a Canadian subsidiary of McEwen Mining. It has requested to be included in an Argentine incentive program, which would provide significant tax breaks on its Los Azules Copper Project located in San Juan Province. McEwen intends to invest $2.7billion in the mine. The Argentine Government's Large Investment Incentive Regime has allocated $227 million to the project. This money will be used for the feasibility study of the mine, exploration work, and construction preparation. If approved, the company could invest an additional $2.5billion in the site for the construction of the mine and production facility under the incentives...

Since Donald Trump returned to office in the United States last month, he has imposed numerous tariffs on imported goods and threatened to do so more frequently. These can be broad - such as a tariff on all imported goods from abroad - or targeted at certain sectors, countries, or regions to try and get them to comply with his demands. Trump's threats changed over the years, from small levies up to those exceeding 200%. Other nations and businesses are unsure of what will happen next. Here's a summary of Trump’s threats and actions in relation to trade. BROAD TARIFFS...

Anglo American, a global miner, announced on Wednesday a 6% drop in its copper production for the year of 773,000 metric tonnes and lowered its rough diamonds output forecasts for 2025-2026 due to lower demand. The London-listed company expects copper production to reach 690,000-750,000 tonnes in 2025 and 760,000-820,000 tonnes in 2026. Metal is used in electric vehicles and renewable energy infrastructure. The rough diamond production for 2024 fell 22%, to 24.7 millions carats. This is the lower end in its guidance. Anglo has reduced its production forecast to 20 million to 23 millions carats from 30 million-33 million carats...

The environmental regulator of Chile said that Canadian mining company Lundin will have to permanently close the Alcaparrosa Copper Mine in Chile after a sinkhole opened up near the mine in 2022. Lundin had stopped work on the site when a sinkhole of more than 60 meters in depth opened up in the Tierra Amarilla Village in northern Chile. However, it had pushed for the restarting of mining at Alcaparrosa. The SMA regulator in Chile said that they had determined that Lundin is responsible for the sinkhole and that the company must close the mine. They also fined the company...

Chilean stateowned miner Codelco stated on Tuesday it is preparing a 25% cut in its indirect emissions by 2030, as part of a bigger decarbonization plan and as market needs grow for more traceable copper. WHY IT'S IMPORTANT Codelco is the world's biggest copper manufacturer, and mining is a greatly polluting market. Studies point to mining as accountable for 4% to 7% of greenhouse gas emissions worldwide. CONTEXT Codelco prepares to cut its so-called Scope 3 emissions, which are indirect emissions put out by its providers and the most tough to minimize. These contaminating inputs include dynamites, refractories and lubricants,...

Gold held stable on Tuesday as financiers concentrated on the U.S. Federal Reserve's policy conference to see if President Donald Trump's policies have an effect on the central bank's views. Area gold was nearly stable at $2,738.90 per ounce, as of 0230 GMT. Bullion prices fell more than 1% on Monday as a. inexpensive Chinese artificial intelligence design triggered a. sell-off in the more comprehensive market. U.S. gold futures increased 0.2% to $2,743.10. Fed policymakers are anticipated to leave rates of interest. the same on Wednesday, but Trump might make complex the task, after. he said recently he wants the...

Gold prices dipped on Monday as the U.S. dollar firmed, while investors turned their attention to the Federal Reserve's very first policy conference this year for ideas about the future of rates of interest. Area gold dropped 0.3% to $2,764.21 per ounce by 1010 GMT, pulling away from near-record high levels seen on Friday. U.S. gold futures fell 0.4% to $2,769.30. The dollar got 0.1%, making greenback-priced gold more pricey for other currency holders. The U.S. dollar's resilience following the U.S.-Colombia tariff saga has actually required gold rates downward. Area gold had also been ripe for a technical pullback, even...

Production cutbacks by lithium companies in response to low costs for the metal have tightened supply forecasts, however a worldwide surplus is still expected for 2024 and 2025, Chilean copper commission Cochilco stated on Thursday. The global market was expected to post a surplus of 89,000 lots of lithium in 2024 and 141,000 lots in 2025, according to a. report from Cochilco, Chile's government firm for mining. studies. Chile is the world's second-biggest producer of lithium, a secret. part for electric vehicle batteries. U.S.-based Albemarle. and Chile's SQM are the only business. extracting lithium in the South American nation. The...

There are two ways of looking at the 1.7% decrease in China's steel output last year. The very first is that it verifies that the world's biggest manufacturer of the crucial industrial metal is now in an established downtrend, and even more weakness is likely this year. The second is that the steel industry is really remarkably resilient in the face of significant financial obstacles, which output has actually been essentially flat at incredibly strong levels for the previous five years. Both are basically accurate, and reflect the traditional glass half-full or half-empty problem. On the half-empty side of the...