Brazil’s year-to-date exports to the Middle East and North Africa grossed USD 17.7 billion through September, up 25% from the same period last year. The performance is on track for a new record.
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The Arab country’s GDP may slow down in 2024, the same as it did in 2023, but an expected reversal of oil production cuts paves the way for 2.8% growth next year, the IMF said.
The National Oil Company confirmed the end of the blockade that hindered the normal production and export of Libyan oil. The insecurity of supply affected international oil prices.
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.
The Gulf state grossed USD 344.7 million from exports to Brazil year to date through July, up 78.5% compared to the same period in 2023. Exports from Brazil to Kuwait also stepped up but at a smaller pace and with a deficit balance.
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.
In an interview with a TV show, the Algerian state oil firm’s CEO, Rachid Hachichi, said the company is widening its international operation in 2014.
As new refinery started operating at full capacity, the Arab country announced it reached a record 1.8 million barrels per day output.
An International Monetary Fund staff team has released an end-of-mission statement on the country’s economy saying investment in green growth opportunities could boost Brazil’s economic potential.
After a visit to the country and discussions with Kuwaiti authorities, the International Monetary Fund says the economy is projected to contract by 1.4% in 2024.
BMJ adviser and founding partner Welber Barral says in article that good diplomatic relations, Brazil’s ability to meet demands for food, and initiatives in favor of agreements can lead to further trade.
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.
