LIMA — Latin America’s new oil rush may delight the region’s treasury ministers, but the extra greenhouse gases it will unleash will only deepen the world’s climate crisis. With the region’s existing oil and gas wells gradually running dry, and global demand growing strong, the Latin American governments are now seeking to exploit unconventional deposits that were previously too difficult, expensive or just plain polluting to extract.
"We see no breakthrough in the nuclear talks held between Iran and the six powers in Geneva," Teoh Say Hwa, head of investment at Phillip Futures in Singapore, told AFP. "This has deferred concerns over the influx of Iranian oil into global markets, hence supporting crude oil prices."
Analysis: After a rough season, Brazil hopes bidding for its massive offshore oil reserves will right the ship. Now Brazilian oil workers are striking and energy majors like Exxon-Mobil, Chevron and BP aren't placing their bids.
Brazilian President Dilma Rousseff poses with workers of state-run oil giant Petrobras. (Vanderlei Almeida/AFP/Getty Images)
HOUSTON — Brazil has had a lousy year. Many hope Monday's sale of its vast Libra offshore oil reserves will turn the tide. But only about a quarter of the expected firms will actually turn out for the bidding round.
BEIJING — To woo clients, Will Latta, 43, used to spend three nights a week with coal barons from China’s inner provinces, drinking "baijiu" — a local grain liquor that tastes a lot like motor oil. “Eventually, I had to draw a line,” he said. “It was getting bad — hallucinations and things.” But it was all in the service of the long, patient game of building a company in an industry where China is truly driving global innovation: clean energy.
LIMA — Angered by alleged US spying on Brazil, President Dilma Rousseff Tuesday postponed her state visit to the White House planned for next month. This marks another setback on the international stage for US President Barack Obama.
A senior official of Tokyo Electric Power Co. admitted during a meeting with opposition lawmakers on Friday that the massive radioactive water buildup at the crippled Fukushima Daiichi nuclear power plant is "not under control."
The government quickly rushed to play down the remark by Kazuhiko Yamashita, who holds TEPCO's executive-level title of fellow, as that view directly contradicts Prime Minister Shinzo Abe's statement last week to the International Olympic Committee in pushing Tokyo's bid to host the 2020 Summer Olympics.