Brazil Awards Oil Blocks; Border Blockade Impacts Mexico’s Maquiladoras

A roundup of Wednesday’s news from across Latin America

Bloomberg Línea
April 13, 2022 | 09:55 PM

Bloomberg Línea — A consortium comprising Colombian state oil company Ecopetrol and Royal Dutch Shell was a big winner in Brazil’s latest oil auction, having been awarded eight exploratory blocks of a total of 14 in seven basins.

Following the announcement, Colombia’s President Iván Duque said Wednesday in an interview with Bloomberg TV that Colombia can produce two million barrels of oil per day, amid of U.S. requests for the South American country to supply it with more crude oil in view of the supply difficulties caused by the war in Ukraine.

Foreign-owned factories, or maquiladoras, in northern Mexico have lost more than $100 million due to the blockade of the border crossing by truckers, which entered its third day on Wednesday, in protest at the decision by Texas state governor Greg Abbott to increase inspections on incoming vehicles.

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Argentina’s Merval (MERVAL) led the gains in Latin America’s stock markets, up 0.77%, while Brazil’s Ibovespa (IBOV) gained 0.55%, and Mexico’s S&P BMV/IPC (MEXBOL) closed up 0.49%. Peru’s stock market extended its losing streak however, with the S&P BVL/Peru (SPBLPGPT) down 1.02%.

Following is a roundup of Wednesday’s news from Bloomberg Línea and Bloomberg reporters across Latin America.

Argentina:

Brazil:

Chile:

Colombia:

Costa Rica:

Ecuador:

Mexico:

Uruguay: