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Iraq reportedly plans to join the global oil war with prices already near 18-year lows
The country aims to boost output by 200,000 barrels a day in April to further grasp at market share in the struggling sector. Daily production would reach 4.8 million barrels per day, a source with knowledge of the plans told Bloomberg.
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Hezbollah asserts role in Lebanon’s coronavirus fight
The Lebanese paramilitary group Hezbollah is marshalling its deep resources in the fight against coronavirus, using a corps of volunteers, doctors and facilities to carve out a prominent role in the crisis-riven state’s response.
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Tehran’s Support for Sectarian Militias Grows Despite the Coronavirus and Economic Crisis
Its network of armed surrogates, particularly the Popular Mobilization Forces in Iraq – and key allies such as the Houthis in Yemen – have maintained and even intensified their aggressive postures in local conflicts. But these groups are not operating in isolation. Rather, they belong to a network of militia groups that, for Tehran, represents its primary regional power projection and national security tool.
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Saudi energy think tank urges global cooperation
The study comes amid moves in the international energy community for some form of combined approach by the three big producers — Saudi Arabia, the US and Russia — to stabilize markets.
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Trump Says World’s Biggest Oil Producers to Meet on Market Crash
Trump, speaking at the White House Tuesday, said he’s raised the issue in conversations with Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman. “They’re going to get together and we’re all going to get together and we’re going to see what we can do,” he said. “The two countries are discussing it. And I am joining at the appropriate time, if need be.”
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As Saudi Arabia Boosts Oil Output, Some Tankers Have Nowhere to Go
There are signs, however, that some of this new oil has virtually no place to go. Some of the vessels the kingdom has hired to help it increase exports are leaving ports filled with oil, but have no destination, casting doubts on whether the extra crude production will end up with customers and add to a global glut.
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Coronavirus: Millions will be left in poverty, World Bank warns
The financial impact of coronavirus will stop almost 24 million people from escaping poverty in East Asia and the Pacific, according to the World Bank. It says “significant economic pain seems unavoidable in all countries”.
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U.S. could rethink Iran sanctions in light of coronavirus: Pompeo
The comments reflected a shift in tone by the U.S. State Department, which has come under withering criticism for its hard line toward sanctions relief even in the face of a call by the U.N. secretary-general to ease U.S. economic penalties.
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Gulf banks put brakes on lending as dollar liquidity crunch looms
Gulf banks are limiting their lending to minimize potential losses from the coronavirus crisis and an expected squeeze in dollar liquidity in the oil reliant region, some bankers say.
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Top five MENA VC deals in the first quarter of 2020
The first quarter is usually an active one for venture capital (VC) investments in the Middle East and with the top five closed before the Coronavirus pandemic. The top five investments amounted to $173 million with the UAE once again accounting for most of that. Food technology garnered the most amount of funding, a trend that is likely to continue given the rise in demand for e-groceries at the moment. It remains to be seen how active the investment community will be in the second quarter of this year, but we are expecting an overall slowdown.
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