Latin America's oil producers sweat to cover costs as price war takes toll [Reuters]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
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Source: Reuters
Latin America's oil producers sweat to cover costs as price war takes toll MEXICO CITY (Reuters) - A price war between the world’s oil powerhouses is leaving many producers in Latin American struggling to cover production costs, boosting the chances of output cuts and investment delays in the coming months. Global oil price benchmarks are suffering their steepest declines in decades in a perfect storm of falling demand in the face of the coronavirus epidemic, and surging supplies after Russia and Saudi Arabia failed to strike an agreement to cut output. WTI crude Clc1 last week tumbled 29%, its biggest fall since the 1991 Gulf War. In the last two weeks, the U.S. benchmark lost around half its value, while Brent crude LCOc1 dropped about 40%. Latin America’s heavy crudes, mostly indexed to these benchmarks and to Mexico’s Maya crude, accumulated a 42% fall in the same period, leaving some grades priced in the single digits, according to independent calculations. Experts and analysts a
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