Energy / 5 posts found

Venezuela Will Seek to Restructure Its Debt

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President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state-owned oil company makes one last payment, blaming U.S. financial sanctions for making it impossible to find new financing. The government will transfer funds for a $1.1 billion principal payment on Petroleos de Venezuela bonds that came due Thursday, Maduro said from Caracas. From there on out, the nation will renegotiate its debt with banks and investors, he said in a national address. Venezuelan bonds trade at an average price of 36 cents on the dollar, reflecting widespread investor concern that the nation was headed for default. […]

Venezuelans Line Up for Local Votes Seen as Referendum on Maduro

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Venezuelans have become used to lines for increasingly valueless cash and scarce food. On Sunday, they lined up to show their anger at the polls. Voters are choosing governors in all 23 of Venezuela’s states, with opponents of President Nicolas Maduro widely expected to win in areas long dominated by his socialist regime. After months of bloody protests that rocked the capital of Caracas, election day began in relative calm despite claims that Maduro’s allies were trying to sway the vote by causing delays and relocating voting stations at the last minute. Carmen Paredes, a 40-year-old university professor, spent most […]

Oil Buys Trump’s Calm But Ignores the Storm

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The U.S. commander-in-chief informed the nation on Thursday evening that a meeting he was having with military brass might be "the calm before the storm." President Donald Trump didn't elaborate, brushing off reporters' questions with a more-after-the-break response. It's possible he meant nothing; you may recall he blithely undercut the $3.8 trillion muni-bond market this week with a choice remark about Puerto Rico's debt getting "wiped out." (Yeah? Nah.) Yet there is a storm looming in the shape of a decision about the nuclear deal with Iran. On October 15, the administration must either re-certify that Tehran is complying with its terms and […]

OPEC Says ‘Extraordinary’ Steps Needed for Stable Market in 2018

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Oil producers are succeeding in re-balancing an oversupplied market, though they may need to take further steps to sustain the recovery into 2018, OPEC Secretary-General Mohammad Barkindo said. Saudi Arabia and Russia are currently leading consultations between the Organization of Petroleum Exporting Countries and other major suppliers about the future of their agreement to cut oil output, Barkindo said Sunday in New Delhi. The pact expires in March, and oil producers are debating whether to extend it later into the year. “There is a growing consensus that, number one, the re-balancing process is underway,” he said after meeting with Indian Oil […]

Catholic church to make record divestment from fossil fuels

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More than 40 Catholic institutions will make largest ever faith-based divestment, on the anniversary of the death of St Francis of Assisi More than 40 Catholic institutions are to announce the largest ever faith-based divestment from fossil fuels, on the anniversary of the death of St Francis of Assisi. The sum involved has not been disclosed but the volume of divesting groups is four times higher than a visit by the Italian prime minister, Paolo Gentiloni, to mark St Franciss feast day. Assisis mayor, Stefania Proietti a former climate mitigation professor told the Guardian: When we pay attention to the […]
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