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Reuters The Iraqi cabinet approved a plan to raise the nation’s crude oil output capacity to 6.5 million barrels per day by 2022, according to a government statement. Iraqi Oil Minister Jabar al-Luaibi said in January capacity was currently close to 5 million bpd. The country is producing more than 4.4 million bpd in line with an agreement between the …

BAGHDAD / Reuters Iraq plans to award oil and gas exploration and development contracts in 11 new blocks on April 15, oil ministry spokesman Asim Jihad said. Iraq had initially set June 21 as the date to open the bids for the new blocks, located in border areas with Iran and Kuwait, and in offshore Gulf waters. Bidding documents will …

HARVARD / WAM The International Conference on Humanitarian Crises, which was held at Harvard Club of Boston, has hailed the UAE’s pioneering role in humanitarian field. The participants praised HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union, President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation, for her role …

NEW YORK / WAM United Nations Secretary-General Antonio Guterres has called for an independent and transparent investigation into clashes at the Gaza fence between Palestinians participating in the ‘Great Return March’ and Israeli security forces which resulted in at least 15 deaths and a large number of injured. The UN chief’s call for a probe came as the Security Council …

HONG KONG / Reuters China is taking its first steps towards paying for imported crude oil in yuan instead of the US dollar, three people with knowledge of the matter told Reuters, a key development in Beijing’s efforts to establish its currency internationally. Shifting just part of global oil trade into the yuan is potentially huge. Oil is the world’s …

Bloomberg Fifty-five years after starting natural gas production from Europe’s biggest field, the Netherlands have signed its death warrant. Output from the Groningen deposit will be cut by two-thirds from the year starting October 2022 and halt by 2030 to ensure the safety of people in the province of the same name after earthquakes linked to extraction, Economy Minister Eric …

Bloomberg Exxon Mobil Corp., Total SA and Lukoil PJSC are among international companies interested to win rights to develop 11 oil and gas border fields as OPEC’s number two producer continues to build production capacity. Iraq plans to hold a bidding round on April 15 and award service contracts the same day for companies to develop 11 onshore and offshore …

Bloomberg An upbeat shale patch, much to OPEC’s dismay, is hiring and ready to drill for more oil as producers are comfortably making a profit. But you have to be big if you’re competing in America’s prime spots. The vast majority of explorers surveyed for a Federal Reserve Bank of Dallas report said they could profitably drill a new well …

NEW YORK / Reuters Saudi Arabia and Russia are working on a historic long-term pact that could extend controls over world crude supplies by major exporters for many years. Saudi crown prince Mohammed bin Salman told Reuters that Riyadh and Moscow were considering a deal to greatly extend a short-term alliance on oil curbs that began in January 2017 after …

NEW YORK / WAM Saudi Aramco announced commercial cooperation worth over $10 billion with 14 American companies during Saudi-US CEOs forum in New York. Saudi Aramco on Wednesday participated in the event to promote bilateral business and cooperation between the two countries. The forum was scheduled to coincide with the official visit to the United States by Crown Prince Mohammed …