Saudi Arabia has promised Spain that it will make up for supplies of oil its loses as a result of EU sanctions on Iran and at the same price, Spain’s foreign minister said on Monday.

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Iraq on Wednesday urged Iran not to close the strategic Strait of Hormuz, where most oil exports from the Gulf to the West pass, arguing that exporters have an interest in a stable world economy.

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The Ministry of Petroleum has exposed six new oil blocks to 42 international companies in the East, Center, North and West Sudan.

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Iran has warned Gulf Arab countries they will suffer consequences if they raise oil output to replace the country’s crude oil, currently targeted by US sanctions.

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Iran is threatening to close the waterway, through which 20% of the world’s oil supply travels. But that would do far more harm to Iran itself than to the rest of the world.

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The Palestinian Authority Thursday accused Israel of drilling a new oil and natural gas well in the West Bank.

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The state-run Hindustan Petroleum Corp will double the volume of Saudi crude it imports in an annual deal beginning in April, two industry sources with direct knowledge of the matter said on Monday, in a move that could replace some of its Iranian supplies.

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The United Arab Emirates has nearly completed an oil export pipeline from Abu Dhabi, on the Gulf, to the Gulf of Oman, bypassing the Strait of Hormuz, Mohamed bin Dhaen al-Hamli, the U.A.E.’s oil minister, said this week.
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State oil giant Saudi Aramco will sign a final deal next week to build a new 400,000 barrels per day (bpd) oil refinery in Yanbu with China’s Sinopec Group, the company said on Sunday.

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The Iraq Oil Ministry has delayed the fourth bidding round for fields developement contracts, according to a Reuters report.

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