Oil prices rose sharply on Monday (9) amid the conflict between the United States and Israel against Iran. Since the attacks began, the price of a barrel of WTI has increased by 70%, something never recorded over such a short period.
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Qatar’s Minister of State for Energy Affairs Saad bin Sherida Al Kaabi said the conflict could force Gulf states to stop producing and supplying energy within days.
U.S. energy giant signed an agreement with the Iraqi government to manage and develop several oil fields.
The Kuwait Foreign Petroleum Exploration Company, established by the Arab country to explore and produce oil abroad, acquired a 20% stake in a Brazilian pre-salt project from Shell Brasil.
The International Monetary Fund says economic diversification beyond oil will only come with the adoption of structural reforms. The institution projects GDP growth of 2.6% this year and 3.8% in 2026.
Through November this year, Brazilian exports to the Arab country rose 1.3%, while imports were 9.2% higher than in the same period last year.
Saudi oil company’s profit fell 2.3% in the third quarter of this year due to declining oil prices. Uncertain demand has been affecting the market.
A survey conducted by the IMF shows that consumption, government investments, and job creation are responsible for the expansion of the Gulf country.
The GDP of the Arab country grew less in 2024 but is expected to advance this year based on the performance of the oil sector. Public spending also supports part of Libya’s economy.
The year-on-year growth was driven by the non-oil sector of the economy.
The field is located in a partitioned region between the two countries and has a production capacity of over 500 barrels per day.
TIC Quality Control is expected to open a branch in São Paulo in the second half of the year to offer quality control and inspection services to Brazilian companies.
A disruption in oil exports impacted the Arab country’s growth last year, but GDP is expected to benefit from the sector’s expansion in 2025, according to the IMF. Libyans are currently producing nearly 1.4 million barrels per day.
The country produced 3.48 million barrels of oil per day in February, with the largest volume coming from offshore fields and the pre-salt layer.
