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Petrobras recovers $274 million from corruption scandal

Rio De Janeiro - Brazil's state-owned oil major Petrobras said Thursday that it has recovered 1.034 billion reais ($274 million) in funds embezzled during a giant corruption scandal that badly damaged the company and upended Brazilian politics.

How far can Venezuela go in raising price of world's cheapest gas?

Caracas - In Venezuela's inflation-hit economy, a single US dollar can buy 3.5 million liters of gasoline -- an absurdity that the government says it will tackle with a hike in the cost of state-subsidized fuel.

OPEC data show Venezuela oil output in free fall

Caracas - Venezuelan oil production crashed to a new 30-year low of 1.5 million barrels a day in June, the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday.

Petrobras: Brazilian economy's flawed crown jewel

Bras - You can't get away from Petrobras in Brazil. Whether negotiating multi-billion dollar deals with foreign oil majors or sponsoring local sports events, the state-controlled giant is everywhere.

Petrobras cuts fuel price after huge Brazil truck strike

Rio De Janeiro - Brazil's state-controlled oil company Petrobras yielded Wednesday to pressure and temporarily reduced fuel prices after striking truckers threatened to paralyze airports and nationwide commerce.

Brazil truckers strike for second day over fuel prices

S - Brazilian truckers on Tuesday staged a second day of strikes and road blockages to protest rising fuel costs.Major roads in nearly all the 27 states saw some level of blockades, the Federal Highway Police said in a statement.

What impact would a US oil embargo have on Venezuela?

Caracas - Venezuela would suffer a devastating economic blow if the United States saw through threats to impose an embargo on its oil exports, but such a move would not guarantee any change of leadership in Caracas, analysts say.

Venezuela sets initial digital currency value at $60

Caracas - Venezuela on Wednesday set the initial value of a digital currency it created to overcome a liquidity crisis at $60, but its price will fluctuate based on the oil market, authorities said.

Mexico auctions 19 deep-water oil blocks

Mexico - Mexico on Wednesday auctioned off 19 deep-water oil blocks located in the Gulf of Mexico, the largest such auction since the government opened the country's hydrocarbons sector to private industry.

Venezuela opens new probe into former oil company chief

Caracas - Venezuelan authorities said Friday they were opening a new investigation into Rafael Ramirez, the former head of state oil company PDVSA, who is already accused of graft.

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