Brazil is to consider joining OPEC after it has gauged the impact on its oil exports from its newly discovered giant offshore Tupi oil field. Isnard Penha Brasil said that “a membership decision will come after we know what our export capacity will be and we think this will be good.”
Last week, Brazil confirmed a […]

Venezuelan President Hugo Chavez is proposing that OPEC should sell oil to poor countries at dramatically lower prices than those paid by wealthy nations, says the International Herald Tribune.
Chavez will ask members of OPEC to consider a plan to aid poor countries struggling with rising oil prices, as a summit this weekend. “I would […]

President Rafael Correa of Ecuador has announced that Ecuador will keep 99 percent of windfall oil profits, changing a law that called for a 50-50 share with foreign oil companies of profits stemming from rising oil prices.
By a new decree “it is established that 99 percent of the windfall oil profits will go to the […]

Some good news for a change. Yesterday the Clinton Global Initiative highlighted the Ecuadorian proposal about “Leaving Ecuador’s Oil in the Ground” which seeks to avoid carbon emissions and save the Yasuni Rainforest.
The “Yasuni Proposal” as it is known was selected from among close to a thousand other proposals, and was highlighted in the Energy […]

Oil giant Exxon Mobil is seeking arbitration over a stand-off with Venezuela about the takeover of its oil assets. The US oil firm made its case to the International Centre for Settlement of Investment Disputes, a group with close ties to the World Bank.
It has not said how much compensation it wants for the 41.7% […]