Argentina Resurrects Oil Intervention Panic With Cabinet Switch [Bloomberg Business News]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Bloomberg Business News
LISTEN TO ARTICLE 3:08 Javier Iguacel has left the road for the oilfield, and that may mean a complete about-face on Argentine energy policies. Iguacel, who’d led Argentina’s national road agency since January 2016, was sworn in Thursday as the nation’s energy minister at a time when his predecessor’s push to sell fuel and oil at market prices is colliding with rising inflation. Analysts expect Iguacel to quickly cap Argentine crude prices and limit fuel rises. He may also slow a move toward market rates for electricity and natural gas bills, a policy that’s been unpopular among voters. “Clearly, the liberalization of the oil market did not work,” Juan Manuel Vazquez, head of equity and credit research at Puente Hnos. SA in Buenos Aires, said in a note. “We expect the government to keep intervening through a combination of capped prices for upstreamers, limits to crude exports , and controlled price increases at the pump.” Juan
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