Latin America Oil & Gas Views

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Downbeat Outlook On Downstream Sector

While we forecast an uptick in Venezuela's nameplate refining capacity, from 1.3mn b/d in 2012 to 1.5mn b/d in 2017, this is well below the level implied by PdVSA's number of planned projects. Our...

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Petrobras Facing A Real Problem

We take a cautious short-term stance toward Brazilian state-oil company Petrobras, noting that the recent sell-off of the real will only exacerbate both the company's rapidly rising net debt burden...

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