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oil company

At Brazil's Petrobras, a 'Spartan' military man takes the reins
Business & Finance

At Brazil's Petrobras, a 'Spartan' military man takes the reins

  • President Jair Bolsonaro announced the 71-year-old Luna would take the helm of Petroleo Brasileiro SA, as the firm is formally known, in a Facebook post in February.
  • Petrobras shares fell sharply when Luna's predecessor, Roberto Castello Branco, was forced out after the group hiked domestic fuel prices several times in February, angering Bolsonaro.
Published 12 Apr, 2021 05:57pm
Petrobras requests ministry clarify Bolsonaro pricing comments; shares slide
Business & Finance

Petrobras requests ministry clarify Bolsonaro pricing comments; shares slide

  • In a securities filing, Petrobras said it asked the ministry about information that "should have been released to the market." The ministry has yet to respond, Petrobras said.
  • Bolsonaro's remarks on Wednesday helped wipe out gains in Petrobras' preferred and ordinary shares and they closed that session virtually flat. The preferred shares closed 0.08% down. The selling continued on Thursday.
Published 08 Apr, 2021 08:48pm
Oil surges $2 after OPEC+ extends output cuts
Markets

Oil surges $2 after OPEC+ extends output cuts

  • Saudi Arabia surprises with continued voluntary cuts.
  • OPEC+ producers keep curbs, agree only small output boost.
  • Decision could affect oil inventories into 2022.
  • Brent and WTI on track for weekly gains.
Published 05 Mar, 2021 08:28pm
Ecopetrol proven reserves finished 2020 down 6.5pc
Markets

Ecopetrol proven reserves finished 2020 down 6.5pc

  • The decline in 1P reserves was mainly caused by the 32% price drop in hydrocarbon prices, Ecopetrol said.
  • The Brent price used for valuation in 2020 was $43 per barrel, compared with $63 per barrel in 2019, implying a decrease of 215 million boe, the company said.
Published 19 Feb, 2021 07:09pm
Kazakhstan has restored oil output after power outages
Markets

Kazakhstan has restored oil output after power outages

  • Daily oil production was restored to 227,200 tonnes on Jan. 25 from about 195,700 tonnes on Jan. 21 and 182,774 tonnes on Jan. 20.
  • Still, production this month lags plans by around 660,000 tonnes, a source familiar with the data said.
Published 26 Jan, 2021 06:41pm
OPEC ‘cautiously optimistic’ oil market will recover in 2021
Markets

OPEC ‘cautiously optimistic’ oil market will recover in 2021

  • We all agree that the recovery is fragile, there are still more uncertainties, but we are cautiously optimistic that the recovery will materialise this year.
  • This year the way we see it is a year of recovery, whether it's going to be the end of the year where we are supposed to reach the balance or the beginning of 2022.
Updated 19 Jan, 2021 11:14pm