“The existing supply outages in Venezuela and the risk of such outages in Iran…
have already resulted in a noticeable tightening of oil supply and a significant rise in
prices,” said Commerzbank. “For decades, the U.S. has relied on Riyadh, as OPEC’s biggest producer by
far, to steer the group toward keeping oil markets stable and acting to rein in prices
during supply crises. That trust doesn’t extend to Moscow, and the new oil-policy
cooperation between Russia and Saudi......
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