oil output

Saudi Arabia's GDP contracted 4.8% in Q2 due to reduced oil output from the Strait of Hormuz closure, the sharpest decline since the pandemic. The non-oil economy grew 0.6% annually, while the IMF noted resilience but warned of economic uncertainty.

Shell Brasil warns that fewer oil auctions in Brazil could threaten reserves, urging the country to auction more acreage and reduce licensing red tape to sustain oil output growth.

A key oil field in Kazakhstan has reduced its oil output following drone attacks on a Russian plant. The article mentions an oil drilling rig, indicating the impact on oil infrastructure.

OPEC+ has announced a 188,000 barrels per day increase in oil production for June, a symbolic move amid the closure of the Strait of Hormuz. The adjustment involves seven major producers within the alliance.

Russia's oil production remained stable in March after three consecutive months of declines. The article highlights an oil pumping jack in Almetyevsk, Tatarstan, Russia, illustrating ongoing extraction activities.

Brazil plans to increase its oil production as Asian countries seek alternatives to Iranian oil. The shift reflects changing geopolitical and energy market dynamics.