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‘Production Cuts Made by Saudi Arabia and Russia Continue to Pressure Brent Oil Prices. Unigel Has Its Credit Rating Downgraded by S&P Global.’
The price of oil rose again due to the decision by Saudi Arabia and Russia to maintain production cuts, directly impacting the global economy.
Politician Alckmin is advocating for subsidies to boost sustainable aviation fuel production in Brazil, aiming at the development and sustainability of the sector.
The agency S&P Global downgraded the credit rating of Unigel and forecasted a possible ‘general default’, causing concerns in the financial and business markets.
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Petrobras finds high-quality oil in the pre-salt at 113 km from RJ and reignites expectations about strategic reserves in the Campos Basin.
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Ocyan opens registrations for startups focused on innovation in the oil and gas sector and will select projects for Innovation Day with the support of Nexio.
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Petrobras announces new oil discovery in the pre-salt of the Campos Basin and reinforces Brazil’s prominence with high-quality reserves that can increase production and energy revenues.
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Alert in the fuel market: Analysts and a former director of ANP warn that oil prices may worsen in the coming months due to global instability.
The federal government and the Public Ministry are pressuring the company Enel due to the delay in restoring power supply after a blackout in São Paulo, raising questions about the efficiency of the service provided by the company.
Maintenance of Production Cuts Boosts Crude Oil Pricing
The week began with a slight rise in crude oil pricing due to the confirmation that Saudi Arabia will continue cutting 1 million barrels per day and Russia will reduce its oil and petroleum products exports by 300,000 bpd until the end of December.
The Brent barrel ended the day up 0.34%, reaching US$ 85.18, while WTI recorded a rise of 0.4%, reaching US$ 80.82.
After Unigel failed to pay interest of R$ 23.2 million that was due on November 2, S&P Global Ratings downgraded the company’s credit rating from “CCC-” to “D”, the lowest possible. This occurred after a 6% drop last week, extending an 11% loss in October. Analysts Luisa Vilhena and Fabiana Gobbi stated that, given that senior notes and debentures make up the majority of the company’s debt, they believe the default will be general.
The company New Fortress Energy reached an agreement with Petrobras to transfer the regasification vessel Energos Winter to Santa Catarina, allowing the operations of the Gas-Sul Terminal in Babitonga Bay to begin in 2024. The terminal will have a supply contract with SCGás for five years, for daily delivery of 150 thousand m3 of gas, and is also looking for new clients to expand its operations.
The Vice President and Minister of Development, Industry, Trade and Services, Geraldo Alckmin, emphasized the importance of providing incentives for sustainable aviation fuel for its development in Brazil. He compared SAF with wind and solar energy, highlighting the need to encourage its use.
The federal government sent to Congress the Future Fuel bill, which establishes the National Sustainable Aviation Fuel Program (ProBioQAV). The program sets emission reduction targets for airlines starting in 2027, promoting the use of sustainable fuels with the goal of fostering a more sustainable and environmentally friendly aviation sector.
Virgin Atlantic Operates First Transatlantic Flight with Full Use of SAF; Companies That Have Already Tested the Fuel
The airline Virgin Atlantic made history by conducting the first transatlantic flight using 100% SAF (sustainable aviation fuel). This advancement represents a significant milestone in the pursuit of reducing carbon emissions in aviation. Various companies in the sector have already tested the fuel, demonstrating the potential and viability of sustainable alternatives for the future of aviation.
Three days after the storm that resulted in power outages in various areas of São Paulo, there are still 350 thousand households without electricity, most of them in the capital, according to Enel.
The delay in restoring power supply has generated criticism from the federal government, which sent a notification to Enel and is demanding that consumers be compensated. The utility stated that it will analyze compensations on an individual basis.
The Public Ministry of São Paulo announced that it will open an investigation to ascertain the alleged inaction of the company, according to information released by the news portal g1.
In the political scenario of São Paulo, opponents of Governor Tarcísio de Freitas (Republicans) in the Legislative Assembly took advantage of the electricity supply interruption in municipalities to intensify criticism against the privatization proposal for Sabesp.
Mayor of São Paulo Proposes Creation of Tax for Maintenance of Distribution Network in the City
Ricardo Nunes, mayor of São Paulo, advocated for the implementation of a new tax to finance the maintenance of the distribution infrastructure in the city.
Eletrobras decided to take on the debt of Santo Antônio Energia, following the approval from BNDES to restructure the debts of Saesa. Eletrobras, which is the indirect controller of Santo Antônio Energia, will make a pre-payment of R$ 2 billion and assume a total debt of R$ 11.5 billion, distributed between the development bank and the lending banks.
In addition, Eletrobras chose to hold off on the sale of ISA Cteep, as it found that the volume of shares available for the secondary public offering did not meet expectations. Therefore, the structuring of the offer has been temporarily suspended.
Source: EPBR Agency
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