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As Western Oil Giants Cut Production, State-Owned Companies Step Up

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Kuwait announced last month that it planned to invest more than $6 billion in exploration over the next five years to increase production to four million barrels a day, from 2.4 million barrels now.The United Arab Emirates, a major OPEC member that produces four million barrels of oil a day, this month became the first Persian Gulf state to pledge to a net zero carbon emissions target by 2050. But just last year Adnoc, the U.A.E.’s national oil company, announced it was investing $122 billion in new oil and gas projects.Iraq, OPEC’s second largest producer after Saudi Arabia, has invested heavily in recent years to boost oil output, aiming to rais …

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