A strong dollar makes greenback-denominated commodities including oil more expensive for holders of other currencies.

Iraq plans to increase its oil output capacity to 5 million barrels per day before the end of the year, but Baghdad has assured OPEC it will fully comply with the pact to cut oil supply, Oil Minister Jabar al-Luaibi and OPEC Secretary General Mohammed Barkindo said on Sunday.

Russian oil shipped by state pipeline monopoly Transneft to ports for export rose to 2.944 million barrels per day (bpd) in March, or 12.452 million tonnes, from 2.819 million bpd in February.

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Topics #gulf oil #north africa #saudi arabia oil