In a concerted effort with Russia and Venezuela, the two Arab countries have pledged to keep production at January levels to prevent prices from diving further. The goal, however, is not to drive prices up.
Oil and Gas
State-owned company produced, on average, 2.6 million barrels of oil equivalent of oil and gas in Brazil, an increase of 5.5% in comparison to 2014.
The state-run oil company cut down its investment forecast through 2019 from USD 130 billion to USD 98 billion. The plummeting oil price and the US dollar hike were contributing causes.
Through a statement, the Saudi state oil company said that the measure is part of the reform process being executed by the Arab country.
Slated for May 2016 in Oran, the International Exhibition on Oil, Gas and Petrochemistry will feature industry discussions, as well as products and services in exhibition. Seven thousand visitors are expected.
Sudan’ ministry of Finance announced it will not perform new cuts in fuel subsidies until international oil prices decline again.
The Brazilian state-run oil company produced 1.023 million barrels of oil equivalent per day in November, a 1.8% increase over October.
The state-owned company’s chief Aldemir Bendine told the press that it will emerge stronger and more mature from the crisis, and that performance will improve within four years.
The sum will be needed for projects over the next ten years, according to the Saudi minister of Oil, Ali Al-Naimi.
In a statement this Wednesday (14th), CEO Aldemir Bendine expressed optimism regarding the future of Petrobras. He will improve governance in a bid to restore the image of the state-run oil company.
The loan's term is ten years and, according to the company, represents an advance of 2016 funding operations.
Round of bids for 266 oil exploration blocks closes with 37 blocks sold to companies in seven countries.