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☆ Lula Says Brazil's Participation in OPEC+ Is to Stop Oil Producers Using Fossil Fuels
▼ + stars: | 2023-12-02 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +1 min

SAO PAULO (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Saturday that Brazil's participation in the OPEC+ group of oil-producing countries is to convince nations to transition away from the use of fossil fuels. Brazil indicated on Thursday that it was on the brink of joining OPEC+, a group of 23 oil-producing countries. "We will lead oil-producing countries to accelerate the energy transition. Under the leadership of President Lula we want to use oil revenues to finance clean and renewable energy," he said. But Brazil is not expected to cap oil output as part of OPEC+, three sources told Reuters in a report published on Thursday.

Persons: Luiz Inacio Lula da Silva, Lula, Alexandre Silveira, Silveira, Ricardo Brito, Steven Grattan, Matthew Lewis Organizations: SAO PAULO, Reuters, OPEC, Petrobras Locations: OPEC, Brazil, Dubai, Africa, Latin America, South America, Sao Paulo

☆ Lula says Brazil's participation in OPEC+ is to stop oil producers using fossil fuels
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thaier Al Sudani/File Photo Acquire Licensing RightsSAO PAULO, Dec 2 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Saturday that Brazil's participation in the OPEC+ group of oil-producing countries is to convince nations to transition away from the use of fossil fuels. Brazil indicated on Thursday that it was on the brink of joining OPEC+, a group of 23 oil-producing countries. "We will lead oil-producing countries to accelerate the energy transition. Under the leadership of President Lula we want to use oil revenues to finance clean and renewable energy," he said. But Brazil is not expected to cap oil output as part of OPEC+, three sources told Reuters in a report published on Thursday.

Persons: Luiz Inacio Lula da Silva, Al Sudani, Lula, Alexandre Silveira, Silveira, Ricardo Brito, Steven Grattan, Matthew Lewis Organizations: United Nations, Change, United Arab Emirates, REUTERS, SAO PAULO, OPEC, Petrobras, PETR4, Reuters, Paulo, Thomson Locations: Dubai, United Arab, OPEC, Brazil, Africa, Latin America, South America

☆ Brazil set to join the influential OPEC+ oil producers' alliance
▼ + stars: | 2023-11-30 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Brazil will join the influential OPEC+ oil coalition that unites some of the biggest crude-producing nations in the world, according to Brazilian Energy Minister Alexandre Silveira. The announcement was made during a postponed OPEC+ meeting to discuss oil output strategy over 2024, amid languishing prices weighed by fragile demand recovery in China, geopolitical risks and uncertainty over supplies from U.S.-sanctioned OPEC members Iran and Venezuela. In footage shared from the meeting, Silveira said that President Lula da Silva had approved his country's membership, starting next year. "I would like to conclude my words by informing you that the honorable President Lula confirmed our entry into the OPEC+ cooperation charter from January 2024," he said. "Brazil received an invitation to join OPEC+.

Persons: Luiz Inacio Lula da Silva, Alexandre Silveira, Silveira, Lula da Silva, Lula Organizations: Brazilian Energy, OPEC, Mines and Energy, United Arab Locations: Brazil, OPEC, China, U.S, Iran, Venezuela, Saudi Arabia, Russia, United Arab Emirates, Brasilia, Correction

☆ Oil Producers Fail to Agree on More Production Cuts
▼ + stars: | 2023-11-30 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

The oil producers group known as OPEC Plus met on Thursday and failed to announce new production cuts in the face of sagging prices, but Saudi Arabia later said that it would continue to trim output by one million barrels a day through March, in coordination with some other countries that were not named. Oil traders, who may have expected more substantial cuts, had a chilly response to the news. Futures fell for the day, with Brent crude down 0.4 percent, to $82.80 a barrel, and West Texas Intermediate falling more than 3 percent, to $75.25. News reports of production cuts preceded the meeting. OPEC Plus said that Brazil, an oil giant that until now has not been part of the producers group, was expected to join next year.

Persons: Brent, ”, Richard Bronze, Alexandre Silveira de Oliveira Organizations: West Texas, Plus Locations: Saudi Arabia, Brazil

☆ Petrobras CEO replacement being discussed within Brazil gov't, sources say
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

President Luiz Inacio Lula da Silva has shown dissatisfaction with certain actions taken by CEO Jean Paul Prates. Lula asked the CEO to tweak Petrobras' investment plan to prioritize local job creation, Reuters reported last week. "There should be changes" in the presidency of Petrobras, one of the sources said. Last week, Mines and Energy Minister Alexandre Silveira said it was past time for Petrobras to reduce diesel and gasoline prices at its refineries. Reporting by Sabrina Valle and Lisandra Paraguassu; Writing by Peter Frontini; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Luiz Inacio Lula da Silva, Jean Paul Prates, Lula, Prates, Alexandre Silveira, Sabrina Valle, Lisandra, Peter Frontini, David Gregorio Our Organizations: Petroleo Brasileiro SA Petrobras, HOUSTON, Petrobras, PETR4, Reuters, Mines, Energy, Thomson Locations: BRASILIA

An Indigenous named Raimundo Praia from Mura people looks on in a deforested area of a non-demarcated indigenous land in the Amazon rainforest near Humaita, Amazonas State, Brazil, August 20, 2019. REUTERS/Ueslei Marcelino/File Photo Acquire Licensing RightsCompanies Brazil Potash Corp FollowBRASILIA, Oct 18 (Reuters) - A federal appeals court has overturned an injunction suspending the license for Canadian firm Brazil Potash Corp to build Latin America's largest fertilizer mine in the Amazon rainforest. She also ruled that a license must come from federal environmental agency IBAMA and not state agency IPAAM. Brazil Potash on Wednesday declined to comment on the ruling, which was based on an appeal by the state environmental agency IPAAM. Brazil Potash says it would have minor environmental impact because salt separated from the potash at a processing plant would be returned underground.

Persons: Raimundo, Ueslei Marcelino, IPAAM, Jaiza, Alexandre Silveira, Silveira, Soares, Joenia Wapichana, Sergio Mura, Stan Bharti's Forbes, Governor Wilson Lima, Anthony Boadle, Marguerita Choy, Bill Berkrot, Diane Craft Organizations: REUTERS, Rights, Brazil, Corp, Federal Regional Tribunal, Reuters, Mines, Energy, Funai, Capital, Stan Bharti's Forbes & Manhattan Group, Thomson Locations: Raimundo Praia, Mura, Humaita, Amazonas State, Brazil, BRASILIA, Manaus, , Brasilia, Autazes, Amazonas, Toronto

BELEM, Brazil, Aug 8 (Reuters) - Eight Amazon nations agreed to a list of unified environmental policies and measures to bolster regional cooperation at a major rainforest summit in Brazil on Tuesday, but failed to agree on a common goal for ending deforestation. The failure of the eight Amazon countries to agree on a pact to protect their own forests points to the larger, global difficulties of forging an agreement to combat climate change. Bolivia and Venezuela are the only Amazon countries not to sign onto a 2021 agreement among more than 100 countries to work toward halting deforestation by 2030. But tensions emerged in the lead up to the summit around diverging positions on deforestation and oil development. Fellow Amazon countries also rebuffed Colombia's leftist President Gustavo Petro's ongoing campaign to end new oil development in the Amazon.

Persons: Luiz Inacio Lula da Silva, Marcio Astrini, Lula, Luis Arce, Mauro Vieira, Ricardo Stuckert, Gustavo Petro's, Petro, Alexandre Silveira, Silveira, Jake Spring, Steven Grattan, Brad Haynes, Rosalba O'Brien, Jason Neely, Peter Graff, Aurora Ellis, Richard Chang Organizations: Climate, Reuters, Bolivian, Brazil's, Amazon Cooperation Treaty Organization, REUTERS, Amazon, Brazil's Energy, United Nations, Thomson Locations: BELEM, Brazil, Brazilian, Belem, Bolivia, Colombia, Peru, Ecuador, Guyana, Suriname, Venezuela

☆ Exclusive: Brazil aims to pass offshore wind, green hydrogen laws by year-end, energy minister says
▼ + stars: | 2023-06-27 | by ( Catarina Demony | Thomson Reuters | Portugal-Based Multimedia Correspondent Reporting On Politics | ) www.reuters.com time to read: +3 min

LISBON, June 27 (Reuters) - Brazil aims to pass a regulatory framework for offshore wind and green hydrogen by the end of this year, the country's energy minister told Reuters on Tuesday, as Latin America's largest nation seeks to unlock new sectors to power its energy transition. With a floor of 16 billion reais, the auction could unlock 200 billion reais ($41.79 billion) in investments, he said. Currently, Brazil has no legislation in place to regulate offshore wind and green hydrogen. In early January, Brazil's government issued a decree that opened space for the development of offshore wind power generation in the country. "Green hydrogen is a real possibility for us to greatly expand our position in clean and renewable energy," he said.

Persons: Luiz Inacio Lula da Silva, Jair Bolsonaro, Lula, Alexandre Silveira, Brazil's, Silveira, Lula's, Catarina Demony, Miguel Pereira, Gabriel Stargardter, David Evans Organizations: Leftist, Energy, Shell, Petrobras, Reuters, Thomson Locations: LISBON, Brazil, Foz de Amazonas, Angra, Lisbon

☆ Brazil's Petrobras scraps fuel import parity policy, shares rise
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, May 16 (Reuters) - Brazil's state-run oil giant, Petrobras (PETR4.SA), has approved a new commercial strategy to set diesel and gasoline prices, it said on Tuesday, ditching its previous import parity policy without revealing a specific fresh pricing formula. "The end of pricing parity is not good, but this was already expected." "The new policy scraps the 'import parity' terminology, but in our view it has not changed materially," Credit Suisse analyst Regis Cardoso said. The import parity policy was adopted in 2016 by former President Michel Temer. People close to Lula celebrated the announcement, with his Mines and Energy minister, Alexandre Silveira, telling reporters the policy would not impose as much volatility as the import parity used to.

The new pricing system scraps a so-called fuel import parity policy that more closely aligned prices at the pump with the oil market and exchange rates. In a research note, JPMorgan (JPM.N) described the reworked pricing policy as "more friendly than investors expected." The policy shift will be tested when oil prices rise, and apply upward pressure on what consumers can expect to pay for motor fuels or LPG. Petrobras' new pricing policy also came under criticism from some as too opaque. The previous pricing policy was adopted seven years ago by conservative former President Michel Temer.

☆ Brazil's Lula mulls inflation target change as interest rates 'inexplicable'
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, April 6 (Reuters) - Brazilian President Luiz Inacio Lula da Silva on Thursday again criticized the country's interest rates, saying at a meeting with journalists that current lending costs were inexplicable and hinting at a potential change to inflation targets. "If the inflation target is wrong, change the target," Lula said, according to remarks broadcast by TV channel GloboNews. Brazil has an inflation target of 3.25% for this year, which will be lowered to 3% in 2024, but consumer prices reached 5.6% in the 12 months through February. Benchmark interest rates stand at a six-year high of 13.75%. Reporting by Eduardo Simoes and Pedro Fonseca; Writing by Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Petrobras reinforces security at refineries after threats - sources
▼ + stars: | 2023-01-09 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Jan 8 (Reuters) - Petroleo Brasileiro SA (PETR4.SA) stepped up security at its refineries in a precautionary measure after threats against assets, including Brazil's biggest fuel plant, two company officials said, speaking on condition of anonymity. The threats were detected by Petrobras' intelligence unit monitoring social media communications of supporters of Brazil's far-right former President Jair Bolsonaro, the two people said. The state-controlled company said on Sunday night all its assets and refineries were operating normally. The threats to Petrobras targeted assets such as refineries in Sao Paulo, Rio de Janeiro and Parana states, the people said. Brazil's Mines and Energy Minister, Alexandre Silveira, said Brazil's fuel supply would run normally, as would the country's refineries.

☆ Brazil's Petrobras will play leading role to expand refineries, says new energy minister
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Jan 2 (Reuters) - Brazil's new mines and energy minister Alexandre Silveira said on Monday that state-run oil company Petrobras (PETR4.SA) would play a leading role in expanding the country's oil refining sector. During an official event inaugurating his new role, Silveira said that Petrobras would play a leading role, encouraging other groups to join the process. "It is urgent that we enlarge and expand our refineries, taking them to the country's regions and modernizing the plants," he added. Reporting by Marta Nogueira and Pedro Fonseca; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Petrobras to play leading role on refinery expansion -new energy minister
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Jan 2 (Reuters) - Brazil's new mines and energy minister Alexandre Silveira said on Monday that state-run oil company Petrobras (PETR4.SA) would play a leading role in expanding the refining sector, and stressed the importance of developing renewable resources. Petrobras would encourage other groups to join the process, Silveira said during an official event to start his term in office. The ministry would seek to "revalue" biofuels and include them in Brazil's main energy system through safe and efficient long-term policies, Silveira said. Natural gas and biomass could be especially prominent as Brazil looks to build a medium- and low-carbon economy, added Silveira. "The future of our generation should be guided towards innovation and the expansion of renewable resources," he said.

Among Thursday's highlights were Marina Silva for environment minister and Senator Simone Tebet as planning and budget minister. Lula gave them key positions after they provided crucial endorsements for his narrow Oct. 30 election victory over outgoing President Jair Bolsonaro. One of Brazil's best-known environmentalists, Silva previously held the same ministerial position for five years during Lula's first term as president, overseeing a significant drop in deforestation. "She played an extremely important role in the campaign," Lula said of Tebet, who will oversee Brazil's budget and set up a multiannual plan with goals for the administration. Lula, who had previously disclosed 21 of the future ministers, also tapped other moderate figures to his cabinet in order to secure support in Congress.

RIO DE JANEIRO, Dec 22 (Reuters) - Brazilian President-elect Luiz Inacio Lula da Silva will appoint Senator Jean Paul Prates of his Workers Party to be the next chief executive of state-run oil company Petrobras (PETR4.SA), a member of his transition team said on Thursday. Deyvid Bacelar, head of oil workers' union FUP, said on social media that Lula had picked Prates based on the labor group's recommendations. He added that Senator Alexandre Silveira would be chosen to be mines and energy minister. The transition team, Prates and Petrobras did not immediately respond to requests for comment. Preferred shares of the oil company rose more than 2% after Bacelar's post, outperforming Brazil's benchmark stock index Bovespa <.BVSP>, before ceding half the gain.

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