The month-on-month increase was primarily due to higher production of crude oil, petroleum, petroleum products, and natural gas.
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Last year, the Saudi economy was boosted by private consumption and non-oil investment. According to the IMF, the country is making progress in its diversification efforts. Non-oil GDP is expected to grow by 3.5% in 2024.
Commodity sees price increase of up to 3% on Monday (26) due to news on oil production and export.
Arab country grossed OMF 6.2 billion in revenue in the second quarter of 2024, most of which, i.e., OMR 3.4 billion, coming from the oil sector.
The money is expected to be invested in the 2024-2028 phase of the oil and gas industry’s current contracts, Brazil’s oil and biofuels regulator reported.
This year’s GDP projections are based on the World Economic Outlook review, which also estimated 1.7% growth for Brazil.
The Arab country is projected to grow 1.3% in 2023 and 1.4% this year, supported by favorable oil prices and reforms. Agriculture, construction, and services are driving the Omani economy.
In a meeting with civil society members, Lula said that the country will enter the oil cartel OPEC+, and that ending some fossil fuels is a desire but a struggle, too.
The IMF mission anticipates normalization of growth one year after the strong performance resulting from the World Cup and estimates that the country’s economy could grow by 5%.
Lyba’s ambassador to Brasília, Osama Sawan, visited the headquarters of the Arab-Brazilian Chamber together with Libyan Iron & Steel Company chairman Mohamed Abdulmalek.
Oil prices spiked Monday (9) as global equity markets fear an escalating conflict in Israel and the Gaza Strip.
The ADIPEC Exhibition & Conference ended this Thursday (5). ApexBrasil took 13 Brazilian companies to showcase their products and services and meet potential customers from other countries.
The secretary-general of the Organization of Arab Petroleum Exporting Countries, Jamal Al-Loughani, spoke in China about the region’s expectation of boosting oil supplies to the world.
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.
