Brazilian Mines and Energy minister Bento Albuquerque spoke over the phone with Saudi prince Abdulaziz bin Salman Al Saud and confirmed that the country will join the group’s discussions on petroleum.
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Brazil’s National Agency of Petroleum reported the cancellation the 17th bid round due to coronavirus.
The administration announced the measure in a bid to address the international oil price slump. The country is highly dependent on oil exports.
Saudi oil company reported last Tuesday (10) it would produce 12.3 million bpd starting April but increased its projection to 13 million barrels on Wednesday (11).
Company reported to the Saudi stock exchange on Tuesday (10) it would increase output starting April. Gulf markets rebounded.
Saudi announcement to cut productions and increase oil production made oil prices to plunge, impacting equity markets, which were already oscillating due to fears regarding coronavirus.
Company shipped 238,000 barrels of fuel oils a day in February.
Partnership with the Energy Research Office aims at connecting opportunities in the energy industry to potential investors and businesspeople.
Brazil produced 1.2 billion barrels of oil equivalent in 2019. Rio de Janeiro was the state that accounted for the largest share.
Figure was reached for the first time. Oil extraction was up by 7.8% from a year before, and natural gas by 9.5%.
UAE company provides air transport services for the oil industry.
Company confirmed in a press release the decision to avoid trafficking in the region, which is a sea route for transporting oil and is at the Gulf’s entrance.
Brazilian president said that, although prices are high, they tend to remain stable, despite the US strike in Iraq last Friday.
Brazilian president said that the bombing in Baghdad, Iraq that killed Iranian military leader, will impact prices in Brazil but ruled out tabulation.
