Oil prices spiked Monday (9) as global equity markets fear an escalating conflict in Israel and the Gaza Strip.
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The Saudi Ministry of Energy reported the country would extend a voluntary oil production cut of 1 million barrels per day until the end of 2023. The measure taken by the world’s largest exporter of crude oil leads to higher prices.
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.
The Ministry of Development, Industry, Trade and Services expects the 2023 Brazilian trade balance to post the highest surplus ever due to the declining prices of leading imports.
This Sunday (2), influential oil-producing countries such as Saudi Arabia, Russia, and Iraq announced they would reduce oil production as of May. This measure was taken due to the recent drop in prices and the prospect of increased Chinese demand.
Global surging prices are caused primarily by the pandemic and the conflict in Ukraine. But challenges unique to Brazil contribute to a situation of high prices and high interest rates as well as a slow rebound of the economy.
Value of exports from the Arab countries to the Brazilian market stepped up 134% in January, driven by the mineral fuel prices.
This is the fourth consecutive raise in a year for all types of gasoline. The price of diesel was maintained.
Company reported to the Saudi stock exchange on Tuesday (10) it would increase output starting April. Gulf markets rebounded.
Upon visit to the country, the IMF team says the local economy starts benefiting from reforms, with domestic credit growth, employment, and tourism arrivals. Oil prices and investments are expected to boost GDP.
IMF released its economic outlooks of the Middle East, North Africa, Afghanistan, and Pakistan. The fund asks for reforms that lead to growth so that it may be possible to create jobs amid a slowing global economy, volatile oil prices, and uncertainty around trade tensions.
