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Petroleum / Mining in Americas

  • Ethical Raw Material Sourcing Muddled As Food Firms Set Own Rules

    WORLD, 2017/09/04 From cocoa to tea, food and drink giants are setting their own standards for ethical sourcing of raw materials, moving away from third-party labels such as Fairtrade. Mondelez International, owner of chocolate brands Cadbury and Toblerone, Unilever, behind tea brands such as Lipton and PG Tips, and Barry Callebaut, the world's biggest producer of chocolate and cocoa products, have all introduced their own schemes. They say their targets are additional comprehensive and some claim their schemes are additional effective in tracking whether a product is ethically sourced each step of the way. With companies under financial pressure, analysts say it has as well been a way to save money.

  • OPEC raises forecasts for global oil demand

    IRAQ, 2017/08/21 OPEC boosted estimates of request for its crude this year and next amid stronger-than-expected fuel consumption and a weaker outlook for rival supply. The Organization of Petroleum Exporting Nations raised forecasts for the all it needs to supply in 2017 and 2018 by about 200,000 barrels a day for each year, according to a statement from its secretariat in Vienna. Still, a rebound in Libyan production pushed the group’s output last month to the highest this year, undermining its plan to rebalance oversupplied world markets.

  • YPF: Oil Company To Explore In The Charagua Area In Bolivia

    ARGENTINA, 2017/07/30 Argentina's YPF will start exploration in the Charagua area, in Bolivia, next signing an investment agreement with the Bolivian national-owned YPFB. The area could hold additional than 2 trillion cubic feet of natural gas, according to the Bolivian oil ministry.

  • Tennis ball-sized 'diamond in the rough' too big to sell

    BOTSWANA, 2017/07/19 In the mysterious world of diamond mining, it turns out that some stones are too large to sell. Canada's Lucara Diamond Corp will have to cut its tennis ball-sized rough diamond to find a buyer, industry insiders say, following Sotheby's failed auction for the world's major uncut stone last summer. It's not the ending that William Lamb wanted for his 1,109-carat stone, named 'Lesedi La Rona', or 'Our Light' in the national language of Botswana where it was mined.

  • Petrobras, China's CNPC to jointly exploit energy resources

    CHINA, 2017/07/11 Brazil's national-run oil giant Petrobras announced on Tuesday that it signed a memorandum of considerate with the China National Petroleum Corporation (CNPC) to exploit energy resources in Brazil and abroad. In the statement, Petrobras said that the transaction will allow the two national oil companies to benefit from each other's capacity and experience in oil and gas production.

  • Geopolitics To Drive Oil Prices Once Again

    WORLD, 2017/07/09 I have picked up three news items from Oil & Energy Insider that supports my hypothesis that US Shale output will continue to rise. However, some of the oil producing nations may become victim of commotion, anarchy and proxy wars. This will automatically reduce the supplies from these nations. OPEC may as well opt not to extend cut anymore. Energy sector analysts are desperately awaits the outcome of OPEC’ conference in Vienna scheduled for 25th May. While the overwhelming expectation is that the cartel will acknowledge on a six-month extension of the production cuts. However, presently top OPEC officials are wondering if it will be enough. OPEC’s monthly statement revised expected US shale increase sharply upwards, predicting output to increase 64 % additional than originally expected. That equates to projected increase from US shale of 950,000 bpd this year. OPEC fears that an extension will boost prices just enough to allow shale companies to lock in hedges once again, ensuring an extra wave of supply.

  • Don’t Hold Your Breath For Deeper OPEC Cuts

    WORLD, 2017/07/08 The rally in oil prices over the completed two weeks came to a halt on Wednesday on news that OPEC is actually exporting additional oil than before thought. A month ago, oil prices appeared to be higher than they should have been, with weak request, elevated inventories, and a recognition that the nine-month OPEC extension would be inadequate to balance the market. Oil sold off and dropped to the mid-$40s and below. Oil traders again bought on the dip, and bid prices back up over the completed two weeks. Presently, prices again look like they could be reaching an upper limit.

  • Oil slips as data points to fast-growing supply

    WORLD, 2017/06/15 Oil fell on Wednesday next reports showed world supply was rising and US crude inventories were still increasing, raising concerns the market could remain oversupplied for longer than expected. Brent crude oil fell by 28 cents to $48.44 a barrel by 1330 GMT, while US crude futures were down 29 cents on the day at $46.17. Crude prices have fallen additional than 10 % since late May, pulled down by heavy world oversupply that has persisted despite a move led by the Organization of the Petroleum Exporting Nations to curb production.

  • Peru Extractive Industries ‘High-quality’ investors sought in minerals and hydrocarbons

    PERU, 2017/04/19 With huge potential resources offshore and in the Andean mountains, where which President Kuczynski says lie ‘the world’s greatest resources’, Peru is looking for investment in its mining and hydrocarbon industries to energize its shift to a knowledge-based economy The mining industry is Peru’s principal source of foreign exchange, representing 50% of total currency reserves in any given year. Due or not instantly, the sector provides jobs to 820,000 citizens, and contributes 12% to GDP. In 2015, mining attracted $7.5 billion in domestically or externally sourced investment flows.

  • Future of the oilsands: the good, the bad and the ugly

    CANADA, 2017/01/16
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