Petrobras-PEMEX Partnership: The Week in Oil and Gas

During a virtual presentation at the fourth annual FII Priority Summit, Delcy Rodríguez, Acting President, Venezuela, detailed the current state of the nation’s infrastructure and the strategic direction of its oil and gas sector. Speaking at the summit’s The New LATAM Order session, Rodríguez focused on the regulatory and operational shifts intended to stabilize the country’s industrial base following the geopolitical shifts of January 2026.

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Venezuela at FII Priority Summit: Future Investment Environment

The presentation centered on a transition toward a more structured investment environment, moving away from the crisis-management footing that defined the previous decade of sanctions and naval blockades. The primary technical highlight of the presentation was the recently published reformed Hydrocarbons Law.

Sheinbaum to Review Petrobras-PEMEX Partnership Proposal in April

President Claudia Sheinbaum has confirmed that Petrobras President Magda Chambriard will visit Mexico in April to present a formal proposal for collaboration between the Brazilian state oil company and PEMEX in the Gulf of Mexico, following discussions with Brazilian President Lula da Silva. "The Petrobras president is coming in April to meet with the PEMEX director and the Energy Minister. I will receive her to see exactly what proposal they have," Sheinbaum said. Lula proposed the alliance during a phone call with Sheinbaum on March 20, suggesting collaboration between the state oil companies for petroleum exploration in the Gulf of Mexico.

BlackRock’s Fink Warns US$150 Oil Could Trigger Recession

BlackRock CEO Larry Fink warned that oil prices could rise to US$150 per barrel and trigger a "global recession" if free passage through the Strait of Hormuz is not restored following current hostilities.  Speaking on the BBC’s Big Boss Interview podcast, Fink said prolonged instability in the region would have "profound implications” for the global economy.

"If the war ends but Iran remains a threat to trade, to the Strait of Hormuz, and to peaceful coexistence in the GCC region, then we could see years with oil above US$100/b, closer to US$150/b," Fink said. Asked whether such levels would persist, he added:"We will have a global recession."

Mexico Finds Multiple Sources Behind Gulf Oil Spill

The Mexican Inter-Institutional Group (GI) has identified three distinct sources for the hydrocarbon leak currently impacting the coasts of Veracruz and Tabasco, according to Alicia Bárcena, Minister of Environment. Following extensive technical modeling, satellite tracking, and oceanographic analysis of marine currents and wind patterns, authorities determined that the spill originated from an illegal discharge by a vessel near Coatzacoalcos, as well as natural seepages, known as chapopoteras, located near Coatzacoalcos and the Cantarell Complex.

Minister Bárcena stated that Claudia Sheinbaum has instructed the group to establish a Permanent Environmental Observatory in the Gulf of Mexico to strengthen prevention and response capabilities for future incidents. Of the 13 vessels identified in the Coatzacoalcos anchorage area, four are currently under inspection, while international assistance has been requested to locate the remaining nine vessels.