AMERICAS OIL: Brazil’s Petrobras Signs Major Oil Supply Deal with India
Feb-05 16:05
Brazil’s Petrobras Signs Major Oil Supply Deal with India: BNE Intellinews
- Brazil's national oil company (NOC) Petrobras has agreed to supply 24mbbl of oil to an Indian state-owned firm as it seeks to diversify its export markets beyond China, according to a senior executive, O Globo reported.
- “We are expanding our customer base internationally. It was very concentrated in China,' Claudio Romeo Schlosser, Petrobras director of logistics and sales, said at an energy forum in Rio de Janeiro.
- The deal comes as Petrobras reported a 1% drop in overall exports to 798,000 b/d in 2024, with China's share of shipments falling to 30%, while Europe received 38% and Asia 17%.
- The supply agreement follows a joint Brazil-India statement in September promoting energy and mining cooperation between the countries.
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JUSTIN TRUDEAU TO STEP DOWN AS CANADA LIBERAL LEADER AND PM
Jan-06 16:04
- JUSTIN TRUDEAU TO STEP DOWN AS CANADA LIBERAL LEADER AND PM
- CANADA'S TRUDEAU SAYS PARLIAMENT SUSPENDED UNTIL MARCH 24
CANADA: Trudeau Resignation Presser To Start Shortly
Jan-06 15:55
Prime Minister Justin Trudeau is set to begin a press conference in the coming minutes announcing his intention to stand down as leader of the centre-left Liberal Party of Canada (LPC). Livestream of CTV expected to show the presser in full can be found here.
- Once Trudeau's resignation presser is over, attention will swiftly turn to the emergency caucus meeting of LPC MPs taking place on Wednesday 8 January. The meeting is expected to last around six hours, with MPs seeking to nail down the process of how a new leader will be elected.
- The LPC constitution lays out the procedure for electing a new party leader. Following a 'Leadership Trigger Event' (which Trudeau's resignation will count as) the LPC National President must convene the National Board of Directors to take place within 27 days. This board meeting can appoint an 'interim leader', set the date of the election, and establishing the Leadership Vote Committee.
- Highlighting the potentially lengthy period of the contest, those seeking the LPC leadership are obliged to "deliver to the National President, at least 90 days before the day of the Leadership Vote, a written nomination...."
- The constitution does lay out the potential for bypassing this lengthy process, saying if by a three-quarters margin the National Board "determines that political circumstances require that the date be reset to another date," the process can be accelerated.
US TSY FUTURES: BLOCK: Mar'25 2Y Buy
Jan-06 15:50
- +5,000 TUH5 102-24 (+.12), buy through 102-23.88 post time offer at 1040:36ET, DV01 $192,000. The 2Y contract trades 102-24.25 last
