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.
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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.
About 90% of Iraq’s budget revenue comes from the oil sector. Experts recommend the country to diversify its economy to combat global warming and not be subject to oil decline.
Executives from the Kuwait Foreign Petroleum Exploration Company met this week in Brazil with industry giants such as Petrobras, Chevron, and Shell.
A report by OPEC points out a decline in the Brazilian oil output in March, but there’s a prospect for growth.
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.
The Brazilian government decided to levy a 9.2% tariff on crude oil exports to compensate for the loss of revenue due to the gradual lift of tax exemptions on fuel.
Saudi Arabia earned USD 22.8 billion from international oil sales in December. The commodity accounted for 79% of the country’s exports.
According to company PPSA, linked to the Brazilian Ministry of Mines and Energy, this is the volume the country expects to produce under the sharing regime in pre-salt areas from 2023 to 2032. Daily production is expected to increase fourfold in the coming years.
Oman’s ambassador to Cairo said his country plans to become, in the next ten years, a regional hub for the production of green hydrogen and offer incentives for investors in the area of clean energy.
The African continent is a supplier to the Brazilian market. Find out what goods Africa sells to Brazil and the volumes.
The Saudi company’s earnings totaled USD 48.4 billion, surpassing forecasts of USD 46.2 billion.
