Oil is on track to become Brazil’s main export product in 2024. This will be the first time in history, according to data from the historical series that began in 1997.
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The Brazilian state-run oil firm has approved a business plan for 2025-2029, with projected investments of USD 77 billion in exploration and production, USD 20 billion in refining, transportation, and marketing, and USD 11 billion in gas and low-carbon energy.
The finance minister of the Arab country said the goal is for women to make up 40% of the workforce by the end of the decade.
Representatives of the institution met with Brazil’s ambassador to the Arab country, Paulino Neto, and the Arab League. Support for initiatives from the 22 Arab countries and participation in a forum in Brazil were key topics of the meetings.
The Brazilian company saw a decline in oil production in the third quarter but posted a record high in the share of pre-salt oil in refineries and an increase in the production of oil products. In September, it achieved the best monthly result for the utilization factor of its refining capacity.
Brazil’s year-to-date exports to the Middle East and North Africa grossed USD 17.7 billion through September, up 25% from the same period last year. The performance is on track for a new record.
The Arab country’s GDP may slow down in 2024, the same as it did in 2023, but an expected reversal of oil production cuts paves the way for 2.8% growth next year, the IMF said.
The National Oil Company confirmed the end of the blockade that hindered the normal production and export of Libyan oil. The insecurity of supply affected international oil prices.
Last year, the Saudi economy was boosted by private consumption and non-oil investment. According to the IMF, the country is making progress in its diversification efforts. Non-oil GDP is expected to grow by 3.5% in 2024.
Commodity sees price increase of up to 3% on Monday (26) due to news on oil production and export.
The Gulf state grossed USD 344.7 million from exports to Brazil year to date through July, up 78.5% compared to the same period in 2023. Exports from Brazil to Kuwait also stepped up but at a smaller pace and with a deficit balance.
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.
In an interview with a TV show, the Algerian state oil firm’s CEO, Rachid Hachichi, said the company is widening its international operation in 2014.
As new refinery started operating at full capacity, the Arab country announced it reached a record 1.8 million barrels per day output.
