Several Arab countries made their announcements this Monday (16), in the wake of a historical interest rate cut put in place by the United States.
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Brazil’s Banco do Brasil and Caixa Econômica Federal announced that financing will be made available to businesses whose finances take a hit from the pandemic.
Food trade balance in the Arab country posted surplus in the first two months of 2020 due to drop in the value of some imports.
The emirate’s trade balance posted a 5.4% decline. Manufactures topped the list of most imported merchandise.
The administration announced the measure in a bid to address the international oil price slump. The country is highly dependent on oil exports.
Saudi oil company reported last Tuesday (10) it would produce 12.3 million bpd starting April but increased its projection to 13 million barrels on Wednesday (11).
Company reported to the Saudi stock exchange on Tuesday (10) it would increase output starting April. Gulf markets rebounded.
The state-run oil company signed a contract transferring ownership of areas in Bahia, Brazil to Eagle.
Saudi announcement to cut productions and increase oil production made oil prices to plunge, impacting equity markets, which were already oscillating due to fears regarding coronavirus.
The Organization of Oil Exporting Countries suggested its members to reduce output. The goal is maintaining prices in a scenario of lower demand due to the coronavirus.
The disease outbreak has slowed down manufacturing in China, which is expected to reflect on countries it has economic relations with.
The items the Gulf country purchases from abroad the most are iron ore, aluminum oxide and four-wheel drive automobiles.
Company shipped 238,000 barrels of fuel oils a day in February.
Four public hearings will be held to disclose details regarding 22 Brazilian airports.
