Mexico's budget deficit will be lower by 2026, as the economy grows.
The Finance Ministry said in its budget proposal on Monday that Mexico expects the budget deficit to drop to 4.10% in 2026, due to the expected growth of the GDP. The government is under pressure to reduce the deficit. It now expects to close 2025 with 4.32%. At the same time, it has pledged to increase social programs and strengthen the finances of the heavily indebted oil company Pemex. The government has also predicted that Latin America's 2nd largest economy will expand between 1,8% and 2,8%, an increase of up to 1.3 percentage points at both ends.
Mexico's Pemex signs the first mixed contract with private companies to boost oil production
According to a government report presented to Congress by President Claudia Sheinbaum, the Mexican state oil company Pemex has signed its first mixed contract with private sector partners to try to reverse the declining hydrocarbon production. In her first report to Congress, sent on Monday, President Cristina Fernandez said that the 11 agreements, which were signed under a newly-created contractual framework resulting from the most recent energy reform, marked the beginning of Pemex’s plan to sign 21 similar deals this year. The company anticipates that the initiative will add up to 450,000 barrels of crude oil per day (bpd), by 2033.
Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine. If the talks are successful, Trump could start to ease some of his punitive measures. Trump has a number of options, including releasing Russian assets, reopening U.S. loans to Russian corporations and banks, and allowing U.S.
Albemarle confirms that the Chilean lithium plant is operating normally following an incident last week
Albemarle told the press on Tuesday that its La Negra lithium plant in Chile was operating normally following an "incident", which occurred last week. A local legislator had said that authorities were investigating. Albemarle, without giving any further details, said that there were no injuries, and the sales of metal used in lithium-ion battery manufacturing are not expected be affected. It wasn't immediately clear whether operations were temporarily halted last week. Albemarle did not provide any further details about the incident. Jaime Araya represents the Antofagasta Region where the plant is situated in the Chilean Congress lower house, the Chamber of Deputies.
Republican lawmakers slow down Trump Treasury picks on wind and solar credits
According to a government source and document, two Republican senators put holds on the nominations of three Treasury Department nominees by U.S. president Donald Trump over an effort made by the White House to make it more difficult for companies to claim credits for solar and wind energy projects. Senators Chuck Grassley from Iowa and John Curtis from Utah hails states with large renewable industries. They support federal tax credits to lower the cost of solar and wind farms. Grassley's announcement was published in the Congressional Record Friday. Curtis was held by Curtis on Monday, according to a source familiar with the matter.
Venezuelan Oil Exports Declined in July as Partners Awaited US Authorizations
Venezuela's oil exports declined about 10% in July from the previous month as key partners of state company PDVSA awaited U.S. authorizations to expand operations in the country, according to vessel tracking data and company documents.Washington in late July green lit producer Chevron to operate in the sanctioned country and export its crude to the U.S. under a restricted license that does not allow any payment to Venezuelan President Nicolas Maduro's administration.Other PDVSA partners are still waiting for similar authorizations.Chevron's chief executive Mike Wirth said on Friday the company expects to resume exports of Venezuelan oil to the U.S.
Chile bumps up copper price forecast, flags lagging Collahuasi output
Chile, the world's largest copper supplier, raised its forecast for prices on Wednesday. However it noted that lagging production from major mines operated by Glencore or Anglo American was a factor in the slowdown of economic growth. In a speech to Congress, Finance Minister Mario Marcel raised the government's forecast of average copper prices this year from $4.26 to $4.28 a pound. Marcel maintained that the official estimate of gross domestic product growth (GDP) for this year was 2.5%. However, he noted that non-mining GDP had compensated for the drop in mining's contribution. He said that the drop in Collahuasi production was a major factor in recent months.
Brazil's lawmakers revoke environmental permits ahead of the COP30 summit
The Brazilian Congress passed legislation Thursday that loosens environmental licensing. This could be a blow to President Luiz inacio da Silva, who is trying to improve his country's image as a green nation before it hosts the United Nations' global climate summit COP30 this year. The bill was passed by a large majority of Congress, where the powerful agribusiness group has a lot of influence. This is despite criticisms from environmentalists and members Lula's Cabinet, as well as European Union legislators who wrote last month to Brazil's lower-house speaker asking him to not put it to a vote.
Gold Reserve, a bidder for Citgo, is happy with the refinery's management
Gold Reserve executives said that they were pleased with Citgo Petroleum management's performance on Thursday. This could be a sign of top executives staying at the Venezuelan-owned U.S. refining company if the bid of a Gold Reserve division for its parent was approved by an American federal judge. Last week, a court official overseeing an auction of shares recommended a $7.4 billion offer by Gold Reserve’s Dalinar Energy Corporation. Delaware Judge Leonard Stark will soon decide if it is approved, despite opposition from creditors and other bidders.
Trump's executive order aims to end wind and solar subsidies
On Monday, U.S. president Donald Trump directed federal agencies that they should strengthen the provisions of the One Big Beautiful Bill Act which repeal or modify tax credits for solar and wind projects. In an executive directive, Trump stated that renewable energy resources are unreliable and expensive. They also displace more reliable energy sources and depend on supply chains controlled by foreigners. The order instructs the Treasury Department to enforce the phase-out of tax credit for wind and solar project that was rolled back by the budget bill approved by Congress and signed by Trump last weekend.
Clean-energy supporters blast US budget as a setback
Clean energy advocates decried Thursday the House of Representatives' final passage of the President Donald Trump tax cut bill as a reverse in the energy transition. Meanwhile, fossil fuel interests celebrated. The bill now goes to Trump's desk. Trump is expected sign the bill on Friday. The law drastically reduces the 30% tax credit that developers were relying on for their solar and wind projects. This credit was set to last until 2032. Energy Innovation, a research firm, predicted that the bill will result in a decline of 300 gigawatts in U.S.
IEA: World oil demand will continue to grow this decade despite China's peak in 2027
The International Energy Agency (IEA) said that global oil demand will continue to grow until the end of the decade, despite a peak in China, the top importer, in 2027. This is because cheaper gasoline in the United States and a slower adoption rate for electric vehicles in this country support consumption. The IEA (which advises industrialised nations) did not alter its prediction that China's demand would peak earlier than 2029 due to the growth of electric vehicles. The Organization of the Petroleum Exporting Countries' (OPEC) view, that the global demand will peak within a few short years, is in sharp contrast to the opinion of the group of producers.
South Carolina's Republican Governor asks that Trump's offshore drilling plan exclude South Carolina
The Republican Governor of South Carolina appealed Monday to the Trump Administration to exclude his state from an impending plan for offshore oil and natural gas production. The letter was sent as the Administration wrapped up a 45 day request for public input on a federal offshore leasing program. This could include new zones, such as in the Arctic or elsewhere, to maximize domestic energy production. The current plan for five years, which was developed by former president Joe Biden's administration, only includes three sales of rights to develop oil and gas in the Gulf of Mexico.
Sunnova Energy files for Chapter 11 bankruptcy protection
Sunnova Energy announced on Sunday that it filed for Chapter 11 bankruptcy in the United States. The residential solar panel installer is struggling with a huge debt pile and slow demand. Sunnova, a company that is restructuring its debts, warned in March it might not be able continue to operate as a business. According to a filing in court, the company's estimated assets and liabilities ranged from $10 billion to $50 million. Sunnova announced last week that it would cut about 55%, or 718, of its workforce in an effort to reduce spending.
The US solar energy market will slow down as Washington shifts its priorities
A report released on Monday by the top solar trade association predicts that the number of new solar energy installations in the United States will decline over the next five-year period as the industry struggles with a federal policy shift favoring fossil fuels and tariffs. According to the Solar Energy Industries Association's and Wood Mackenzie's forecast, new solar capacity in 2030 will be over 10% less than it was in 2025. This includes an assessment of the impact of federal tariffs that will be imposed on steel and aluminum, two materials important for solar projects.
Sunnova Energy will lay off 718 workers
Sunnova Energy announced on June 5, that it will lay off approximately 55% of its employees or 718 workers in an effort to reign in spending, as the residential solar panels installer struggles with a massive amount of debt and a sluggish market. In March, the company warned that it may not be able continue to operate as a going-concern. Sunnova has not provided details of the charges that it will incur as a result of the layoffs. Last month, the Biden Administration, under President Donald Trump, canceled a $2.92 billion partial loan guarantee that had been awarded to Sunnova.
Nuclear companies and others ask Senate to maintain energy tax credits
Energy companies that represent technologies that provide stable and consistent baseload power urged U.S. Senate leaders on Tuesday to preserve the clean energy tax credit that was effectively eliminated by a Republican Bill passed last month by Congress. Republicans, including U.S. president Donald Trump, have criticised clean energy tax credit programs for encouraging intermittent renewable energy like wind and sun that fluctuates depending on the weather. They claim that the country needs more baseload electricity, including coal and natural gases, to meet the soaring demand for electricity tied to artificial intelligence and data centers.
As his term ends, the Chilean president will increase pressure on Israel to decarbonize and accelerate its pace
Gabriel Boric, the Chilean President, said on Sunday he would accelerate efforts to promote renewable energy and increase pressure against Israel for its Gaza war among other initiatives in his last nine months as president. Boric, in a three-hour address to Congress, delivered at the coast city of Valparaiso, marked his final annual address. He also spoke about crime, infrastructure and the economy. Boric, in comments that brought out the loudest cheers and jeers on opposite sides of Congress he said he would introduce a bill to ban imports of what he termed "illegally-occupied territories" as well as support Spain's efforts for an arm embargo against Israel.
Meyer Burger shuts down US solar panel manufacturing in Arizona
Meyer Burger, a Swiss manufacturer of solar panels, has closed a U.S. plant in Arizona because of financial problems, laying off all 282 workers, the company announced on Thursday. This is a blow to the solar industry's efforts to create a domestic supply network and reduce its dependence on China, which is the top manufacturer of solar panels in the world. Meyer Burger announced that it would build a plant in Goodyear, Arizona by 2021 to take advantage of clean energy incentives offered during the tenure of former U.S. president Joe Biden who linked fighting climate change and creating jobs with boosting domestic manufacturing.
What is in the Republican tax plan and spending plan
Republicans in Congress are advancing a sweeping package of budget cuts and spending reductions that would meet President Donald Trump's demands. However, details need to be worked out. The Joint Committee on Taxation (JCT) and the Congressional Budget Office have estimated the impact of this plan on the budget for the next ten years. (Cost: $2.2 trillion) Makes permanent lower income tax rates that were set to expire in Trump's Tax Cuts and Jobs Act of 2017. Increases the alternative minimum tax exemption. (Cost: $1.3 trillion) Increases the standard deduction by $1,000 up to $1,500.