The month-on-month increase was primarily due to higher production of crude oil, petroleum, petroleum products, and natural gas.
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Arab country grossed OMF 6.2 billion in revenue in the second quarter of 2024, most of which, i.e., OMR 3.4 billion, coming from the oil sector.
The IMF mission anticipates normalization of growth one year after the strong performance resulting from the World Cup and estimates that the country’s economy could grow by 5%.
The Arab country began construction to expand the world’s biggest natural gas field 80 kilometers north of Doha. The chairman of France’s TotalEnergies said the project will give relief to the market.
The president of the Brazilian oil company, Jean Paul Prates, presented plans to increase gas exploration and output.
The Russia-Ukraine war could switch the positions of the countries that take part in the global oil and gas industry.
The Brazilian federal government sanctioned the legal framework approved by the Legislative Branch. The new law is expected to help attract foreign investment into the sector.
Brazil’s lower house approved a bill that changes natural gas exploration and distribution. It will now be signed into law by the president.
Brazil’s National Agency of Petroleum reported the cancellation the 17th bid round due to coronavirus.
Brazilian president said that, although prices are high, they tend to remain stable, despite the US strike in Iraq last Friday.
Brazilian president said that the bombing in Baghdad, Iraq that killed Iranian military leader, will impact prices in Brazil but ruled out tabulation.
Oil production in the country went past the 3-million-barrel mark for the first time at 3.09 million barrels per day in November.
The Saudi Arabian state-run oil company had its initial public offering (IPO) last week. Its market value exceeds that of the world’s five biggest oil companies combined.
The Saudi Arabian state-run oil company’s initial public offering outdid that of China’s Alibaba. At an estimated market value of USD 1.7 trillion, Aramco is worth more than Apple.
