International

Petrobras notches $5.9 bn profit in Q3

AFP

Brazilian state-run oil company Petrobras reported a hefty net profit of $5.9 billion for the third quarter Thursday, beating analysts’ expectations as oil prices continued to climb.

It was the fourth straight quarterly profit for the company, up from a loss of $236 million for the same period in 2020, when the coronavirus pandemic had sent crude prices crashing.

Since then, Petrobras has rebounded on the back of soaring prices — so much so that far-right President Jair Bolsonaro said earlier on Thursday it was making too much profit.

“Petrobras needs to be a company that doesn’t post excessively high profits, as it has been doing,” he said in his weekly live address on social media.

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“It has to play a social role, in the good sense of the term.”

Bolsonaro made the remarks just before the company announced its profit for the July-September period, which followed a profit of $8.1 billion for April-June.

Petrobras said the boost had come largely from the rebound of Brent crude prices to an average of $73.47 a barrel in the third quarter, up 70.9 percent in a year.

The company has largely passed that increase on to customers at the pump, drawing the ire of consumers — and Bolsonaro — as fuel prices soar.

The president had also criticized Petrobras on Wednesday, saying, “It’s a state-run company that, with all due respect, is just giving me headaches.”

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He said he was looking at putting the company “on the radar” to be privatized as part of his government’s massive sell-off of state-run firms.

Bolsonaro has not shied away from shaking things up at Petrobras in the past.

In February, he appointed army reserve general Joaquim Silva e Luna as chief executive of Petrobras, replacing respected CEO Roberto Castello Branco shortly after saying the firm should not be constantly “surprising people” with price increases.

International

UK braces for potential CO₂ shortage amid Middle East tensions

The government of United Kingdom is preparing contingency measures amid fears of a potential shortage of carbon dioxide (CO₂), which could impact the agri-food industry if the Strait of Hormuz remains blocked due to the ongoing conflict in the Middle East, The Times reported on Thursday.

According to the newspaper, officials assessed this scenario during a recent crisis meeting aimed at evaluating the consequences of a prolonged conflict, triggered on February 28 by joint attacks from United States and Israel against Iran.

Under this scenario, CO₂ supplies—primarily a byproduct of fertilizer production using natural gas—could fall by up to 18%, affecting multiple sectors including agriculture and food production.

The gas is widely used in the slaughter of pigs and poultry, as well as in extending the shelf life of packaged foods. Breweries could also face disruptions due to reduced availability.

“I don’t want to comment on a leak, but now that the information is out there, I hope people feel reassured knowing we are working on it,” said Peter Kyle, Secretary of State for Business and Trade, in remarks to Sky News.

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While a drop in CO₂ supply is not expected to cause major shortages in supermarkets, it could limit product variety, The Times noted, citing access to internal government documents.

To mitigate the impact, authorities are considering prioritizing CO₂ supply for critical sectors such as healthcare and civil nuclear energy, where it is used in cooling systems for blood reserves, organs, vaccines, and electricity generation. The government may also request domestic producers to increase output.

Central America

El Salvador and Paraguay approve 2026–2028 cooperation program

The governments of El Salvador and Paraguay approved the 2026–2028 Cooperation Program, which includes six joint development projects, according to Salvadoran Vice Minister of Foreign Affairs Adriana Mira.

Mira stated that El Salvador will act as the “main provider of cooperation,” contributing five initiatives focused on road infrastructure, tourism, and local development. She also noted that one of the projects will be led by the Paraguayan side, although no further details were disclosed.

The agreement was reached during the Second Meeting of the Joint Commission on Technical and Scientific Cooperation between both countries.

According to Paraguay’s Ministry of Foreign Affairs, the First Meeting of the Political Consultation and Bilateral Coordination Mechanism was also held, with the participation of Vice Minister Víctor Verdún.

In an official statement, the Paraguayan government reported that both delegations agreed to identify mechanisms to promote competitiveness, economic growth, and market access. They also committed to signing agreements related to air transport cooperation.

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International

Macron meets Machado, stresses need for democratic transition in Venezuela

Emmanuel Macron met on Monday at the Élysée Palace with Venezuelan opposition leader María Corina Machado, where they discussed the importance of advancing a democratic transition in Venezuela.

In a message shared on social media, Macron highlighted Machado’s commitment to freedom and stressed the need to achieve a transition that is peaceful and respects the will of the Venezuelan people.

“I received María Corina Machado, Nobel Peace Prize laureate. Together, we discussed her commitment to freedom and the importance of achieving a democratic, peaceful transition in Venezuela that respects the will of its people,” he wrote.

For her part, Machado expressed her “deep gratitude” to Macron and to France for their support of democracy and freedom in Venezuela.

“We have gone through a long and painful journey, and we are now very close to freedom. Venezuela will become a nation of free and equal men and women—prosperous, safe, and united,” she said.