• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 26 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 days Wind droughts
  • 1 day Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 7 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 6 mins ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 5 days Oil Prices Fall After Fed Raises Rates
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 16 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 13 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 10 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 13 days The Federal Reserve and Money...Aspects which are not widely known
Is The Nuclear Waste Problem Overblown?

Is The Nuclear Waste Problem Overblown?

Political support for nuclear energy…

Petrobras Warns Diesel Shortage Is Looming Over Brazil

Brazil's state oil major Petrobras has warned the government that the country could slip into a diesel shortage this year unless the company is allowed to sell the fuel at market prices.

According to a Reuters report, Petrobras had told the Brazilian government that it will be difficult for it and for other fuel importers to source import diesel amid the worst deficit of the fuel in 14 years.

"If there is no signal of market prices ahead, there is material risk of a diesel shortage during the peak of demand during the harvest season, affecting Brazil's GDP," Petrobras said in a presentation titled "Fuels: challenges and solutions."

According to the company, the shortage is most likely to occur during the third quarter, which coincides with the soybean harvest season.

"Global diesel inventories are far below the historic average," Petrobras said in the presentation. "Petrobras alone cannot solve the global rise of energy prices."

The Brazilian government has been pressuring Petrobras to keep fuel prices lower than international benchmarks dictate as President Jair Bolsonaro seeks re-election. Petrobras is also a target for his rival, former president Ignacio Lula da Silva.

"If Petrobras stops selling diesel at international prices for more than two or three weeks, there is a chance pumps will run dry," Reuters quoted an unnamed top executive from a diesel production firm as saying.

In an attempt to keep fuel prices from soaring even higher, the Brazilian president has so far this year replaced the chief executive of Petrobras twice, with the second occupant of the position, Jose Mauro Coelho, only staying in it for a few months.

The latest replacement, per a Financial Times report, is Caio Mario Paes de Andrade, a member of the economy minister's team and an entrepreneur. According to analysts, he is unlikely to try and enforce sub-market prices on Petrobras.

By Irina Slav for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News