Brazil became a net exporter of oil in 2019. It aims to become one of the top five exporters of oil in 10 years, Albuquerque said in a speech at an industry event in Delh
Aramco was expected to launch the first part of a two-stage IPO earlier in October, but the process has been delayed, reportedly due to the prince's dissatisfaction with the valuation of the firm, which had been hoped to reach USD 2 trillion.
Qatar's Energy Minister Mohammed al-Sada told Reuters he also supported the idea of creating a permanent platform for OPEC's cooperation with Russia even after the current round of joint oil supply cuts ends.
US oil prices slid more than 5 percent on Wednesday to the lowest since December, after US government data showed record inventories climbed 8.2 million barrels last week.
Suhail bin Mohammed al-Mazrouei told Reuters on the sidelines of the CERAWeek conference in Houston that the OPEC member cut more production last month than it did in January as it phases in compliance with a historic agreement to bring supplies closer to demand.
OPEC and non-OPEC producers led by Russia agreed in December to cut output by nearly 1.8 million barrels per day, initially for six months, starting from the beginning of this year.
Speaking at the World Economic Forum at the Swiss ski resort of Davos, Khalid al-Falih said producers have gone "extra miles" and the majority have exceeded their agreed cuts.
Speaking at an oil industry conference, Suhail bin Mohammed al-Mazroui said there needed to be competition in the oil market and trying to fix the market to achieve a certain price would not work, because not everyone in OPEC would support that strategy.
OPEC agreed last week to reduce output by around 1.2 million barrels per day beginning in January in a bid to reduce global oversupply and prop up oil prices.
Riyadh, May 8 (AFP) The new energy minister of Saudi Arabia, the world's biggest oil exporter, today pledged continuity in the kingdom's oil policy, after being named in a major government overhaul.
Volkswagen CEO Martin Winterkorn said he was shocked by events of the past few days, above all that misconduct on such a massive scale was possible at the company.
The front-month October contract for Brent LCOc1, the global oil benchmark, shed 20 cents to USD 48.69 a barrel as of 0034 GMT after it previously settled up USD 1.31, or 2.8 percent, at USD 48.89 a barrel.
The repayment to the European Central Bank marked another step for Greece away from near financial collapse, but Prime Minister Alexis Tsipras must now tackle a political crisis after anti-bailout rebels robbed his government of its parliamentary majority.
The Bundestag vote cleared one of the final obstacles to Greece getting funding so that it can make a 3.2 billion-euro debt repayment to the European Central Bank on Thursday.
Energy Minister Panos Skourletis described such a parliamentary vote as "self-evident" following Friday's rebellion when almost a third of Syriza deputies abstained or voted against the agreement.
After lawmakers bickered through the night on procedural matters, Tsipras comfortably won the vote on the country's third financial rescue by foreign creditors in five years thanks to support from pro-euro opposition parties. That clears the way for euro zone ministers to approve the deal later on Friday.
US benchmark West Texas Intermediate for September delivery fell 32 cents to USD 48.20 and Brent crude for September shed 24 cents to USD 53.07 a barrel in afternoon trade. Both contracts tumbled yesterday, snapping two consecutive days of gains.
"Demand from the agriculture sector has dipped to about 5 million units (MU) per day, which had gone up to 85 MU on account of delayed rains as farmers were using more power to draw water for irrigation. The demand could have shot up to 90 MU if rains had not arrived in the past few days."
The bill, which imposes sweeping tax hikes and spending cuts, fuelled anger in the governing Syriza party and led to a revolt against Tsipras, who has insisted the deal forged after a marathon weekend eurozone summit was the best he could do to prevent Greece from catastrophically crashing out of the euro, Europe's joint currency.
US crude futures for July shed 7 cents to USD 60.38 a barrel as of 0009 GMT after closing up 53 cents in the previous session.
The Rajasthan government has directed all power distribution companies to stop power cuts in the state with immediate effect. There will be no power cut now in the state from today, Energy Minister Jitendra Singh said.