The country produced 14.8 million barrels of oil in the first half of the year, still far below pre-2011 conflict levels. Foreign partnerships are helping restore infrastructure.
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Growth was driven by the non-oil sector, which expanded 4.8% during the period, according to the Qatar Central Bank.
The International Monetary Fund expects Saudi Arabia’s economy to expand despite the conflict in the Middle East, with oil export revenues supported by higher crude prices.
State-run oil firm Petrobras reported record oil and gas production of 3.34 million barrels of oil equivalent per day in the second quarter. Amid the conflict in the Middle East, the company also increased refinery utilization to boost fuel supplies to the domestic market.
In an assessment released Thursday (23), the International Monetary Fund said Brazil’s economy has shown remarkable resilience despite a challenging global environment and is expected to grow 2.4% this year.
As the conflict involving the United States, Israel and Iran threatens tanker traffic through the Strait of Hormuz and the Red Sea, oil prices surged on Thursday (23).
Memorandums of understanding have been signed to advance the construction of a pipeline linking Haditha, Iraq, to Banias, on Syria’s Mediterranean coast, thus creating an alternative route for international oil supplies. The project is expected to be completed within two and a half years.
Prices climbed 5% following renewed attacks in the Strait of Hormuz and threats to impose tariffs on goods.
The International Monetary Fund says Algeria has made efforts to generate revenue from sectors beyond the economy’s traditional pillars, but the country remains heavily dependent on oil revenues.
Iraq’s Ministry of Oil announced plans to restore production and exports to pre-war levels, giving priority to shipments through the country’s southern ports.
The Brazilian brand brings scrubs, oils, and soaps inspired by the Mediterranean and Arab worlds to the market. The company was founded by Daniela Sucar Dib, of Syrian and Lebanese descent, based on memories from her travels.
The United States and Iran said they had reached an agreement to halt hostilities and reopen the Strait of Hormuz. Markets reacted positively to the announcement.
The institution says economic activity in the Middle East and North Africa will be affected by regional conflict. Growth is expected to slow from the 4% projected for 2025.
An International Monetary Fund mission concluded that the country is managing the challenges posed by the international environment but needs to put its debt on a downward trajectory.
