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The Portugal Brief

The Portugal Brief

Aviation Kerosene Set to Peak at $211.7 a Barrel in May — S&P Global Sees a 114% Two-Month Jump on Hormuz Disruption as Goldman Warns Europe's Jet-Fuel Stocks Could Drop to a 23-Day Cover and the Government Flags an End-August Shortage Risk

Aviation Kerosene Set to Peak at $211.7 a Barrel in May — S&P Global Sees a 114% Two-Month Jump on Hormuz Disruption as Goldman Warns Europe's Jet-Fuel Stocks Could Drop to a 23-Day Cover and the Government Flags an End-August Shortage Risk

S&P Global Ratings projects aviation kerosene will peak at $211.7 per barrel in May 2026 — up 114 percent in two months. Goldman Sachs sees Hormuz disruption taking 500,000 b/d offline with 23 percent of European jet-fuel exposure in play, and Lisbon has flagged an end-August shortage risk.
The Portugal Brief
Portugal's Public Debt Climbs Back to 91% of GDP in Q1 2026 — BdP Adds €0.5 Billion in March to €283.2 Billion as the CFP Tells Brussels and Parliament the Government's 2% Growth Forecast Is 'Demasiado Otimista'

Portugal's Public Debt Climbs Back to 91% of GDP in Q1 2026 — BdP Adds €0.5 Billion in March to €283.2 Billion as the CFP Tells Brussels and Parliament the Government's 2% Growth Forecast Is 'Demasiado Otimista'

BdP puts Q1 2026 public debt at 91% of GDP — 1.3 points above end-2025, €283.2 billion. The CFP separately tells Bruxelas and Parliament the 2% 2026 growth forecast is biased upwards versus IMF 1.9% and BdP 1.8%, and that Portugal overshot the 2025 EU expenditure path.
The Portugal Brief
Martifer Books a €3 Million Hospital Steel Contract in Angola and Lines Up €30 Million-Plus of Renewables Capex Across Poland and Romania — Oliveira de Frades Group Diversifies as the Viana do Castelo Yard Builds for Japan's Ryobi

Martifer Books a €3 Million Hospital Steel Contract in Angola and Lines Up €30 Million-Plus of Renewables Capex Across Poland and Romania — Oliveira de Frades Group Diversifies as the Viana do Castelo Yard Builds for Japan's Ryobi

Martifer wins a €3 million structural-steel contract for a new Angolan hospital and commits €30 million-plus to renewables in Poland and Romania. The Oliveira de Frades group is parallel-tracking a Japanese cruise hull for Ryobi at Viana do Castelo and Navy work.
The Portugal Brief
'Rei dos Frangos' Books a €40 Million Capital Gain on a 9-Year Benfica SAD Bet — €45.2 Million Sale of 16.38% to a Delaware Vehicle Linked to Oak View Group and Acrisure Pushes American Capital Past 21% of the Reds' SAD

'Rei dos Frangos' Books a €40 Million Capital Gain on a 9-Year Benfica SAD Bet — €45.2 Million Sale of 16.38% to a Delaware Vehicle Linked to Oak View Group and Acrisure Pushes American Capital Past 21% of the Reds' SAD

José António dos Santos and Grupo Valouro sell 16.38% of Benfica SAD for €45.2 million to a Delaware SPV linked to Oak View Group and Acrisure executives — a €40 million capital gain over nine years that pushes combined US-fund ownership of Benfica past 21% on the July transfer.
The Portugal Brief
Caixa Económica Montepio Q1 2026 Net Profit Falls 31% to €23.6 Million as Credit-Impairment Reversal Base Effect Bites — Deposits Hit Record €16.3 Billion, NPE Stable at 1.6%

Caixa Económica Montepio Q1 2026 Net Profit Falls 31% to €23.6 Million as Credit-Impairment Reversal Base Effect Bites — Deposits Hit Record €16.3 Billion, NPE Stable at 1.6%

Montepio's Q1 2026 net profit of €23.6 million is down 31% YoY against an extraordinary €12.3 million credit-impairment reversal in Q1 2025. Banking product climbed 4.4% to €109.1 million, customer deposits hit a record €16.3 billion (+6.8%), and NPE held at 1.6%. Underlying franchise grew 11%.
The Portugal Brief
Portugal's Sardine Campaign Reopens 4 May 2026 After Five-Month Closure — Diário da República's 22 April Despacho Locks a 33,446-Tonne National Quota and Per-Vessel Daily Caps Through the 1 June Step-Up

Portugal's Sardine Campaign Reopens 4 May 2026 After Five-Month Closure — Diário da República's 22 April Despacho Locks a 33,446-Tonne National Quota and Per-Vessel Daily Caps Through the 1 June Step-Up

Portugal's sardine fishery reopened at midnight on Monday, 4 May 2026 after a 152-day closure. A Diário da República despacho dated 22 April sets a 33,446-tonne national quota — 960 tonnes below the 2025 ceiling — and locks per-vessel daily caps for the May campaign with a small step-up from 1 June.
The Portugal Brief