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.
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The money is expected to be invested in the 2024-2028 phase of the oil and gas industry’s current contracts, Brazil’s oil and biofuels regulator reported.
The Brazilian oil company had a drop in net profit. Still, it recorded its sixth-best-ever EBITDA, driven by higher oil exports and lower LNG imports.
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 Saudi oil company had a significant drop in profit in the second quarter of this year due to lower oil prices. Still, gains in the period surpassed USD 30 billion.
The Saudi company saw a lower net profit in the first quarter, but the result is still more than three-quarters of the combined first-quarter profits reported by the five oil majors.
A study by ABESPetro, conducted with consultancy firm Delloite, pointed out the Brazilian oil and gas industry could receive investments of USD 24 billion a year until 2025.
The Brazilian company announced its refineries were running nearly full tilt at the end of June.
Saudi Arabia’s February crude exports reached 7.3 million barrels per day, the biggest volume since April 2020.
The Russia-Ukraine war could switch the positions of the countries that take part in the global oil and gas industry.
The oil company posted several record numbers last year, including pre-salt production. The company has also increased its gasoline, diesel and jet kerosene sales.
The Brazilian National Agency for Petroleum, Natural Gas, and Biofuels approved opening a public consultation to change a resolution and allow foreign companies to indicate areas for bidding in the sector.
Brazilian government created a committee to suggest enhancements in the governance and methodology of bid rounds in the sector. Group will consist of representations of ministries and ANP.
Brazil produced 1.2 billion barrels of oil equivalent in 2019. Rio de Janeiro was the state that accounted for the largest share.
