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Energy & Commodities

The Cuban government announced yesterday that it will be loosening restrictions on the purchase of new and used foreign-made cars. Under the new policy, Cubans will no longer need a permit issued by the Transportation Ministry to purchase cars from state vendors.

Energy dependence and vulnerability are serious issues in the Caribbean, where residents suffer from high and fluctuating electricity costs, frequent blackouts and poor service. Electricity prices are some of the highest in the world, averaging US$0.33 per kilowatt hour compared to $0.09 per kilowatt hour in the United States. Oil reliance is stifling the Caribbean’s economy and the region must work towards diversifying its matrix if it wants to be competitive.

This month, Mexico’s Congress is debating the long-anticipated reform of Pemex, the country’s state-owned oil company.

In the latest in power outage to hit Venezuela this year, a blackout on Monday night left a large portion of Caracas in the dark, with other parts of the country affected as well.

Likely top stories this week: Xiomara Castro leads her supporters in protest against last Sunday’s election results; Juan Manuel Santos visits the United States; petroleum exploitation moves ahead in Ecuador; Mexicans protest as President Peña Nieto completes his first year in office; a fire engulfs the Latin America Memorial in São Paulo.

Likely top stories this week: Venezuela’s National Assembly is increasing presidential powers for President Nicolás Maduro; Demand for U.S. oil grows in Latin America; Michelle Bachelet enters second round of presidential elections in Chile; Arrest warrants are issued for bankers and politicians involved in Brazil’s biggest corruption trial; Cristina Fernández de Kirchner returns to office.

Eight Indian companies—OVL, Reliance Industries, Essar Oil, BPCL, Oil India, Videocon Industries, Assam Company, and Indian Oil Corporation—are part of 12 joint ventures in Venezuela, Brazil, Colombia, Ecuador, Cuba, and Peru.

Barrick Gold Corporation, a Canadian mining company and the world’s largest gold producer, announced Thursday that it has temporarily halted operations at its Pascua-Lama gold mine in the Andean border region between Argentina and Chile.

When will the lights come back on?
The energy dimension of the poverty trap.

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