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Petroleum Economist analysis shows OPEC bringing back some barrels in May, but fewer than expected, while OPEC+ continues to see output fall
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Saudi Arabia and US relations can construct a new ‘field of dreams’, but opportunism may be the new rules of the game
Oil and gas price divide raises threat levels, part 2
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The next energy crisis could come from the severing of the link between oil and gas prices, with potentially severe economic consequences
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9th OPEC International Seminar
Petroleum Economist is proud to be an official media partner for the 9th OPEC International Seminar in Vienna
Two other sanctioned oil producers are Venezuela and Iran
Venezuela Iran Russia Markets
Paul Hickin,
Editor-in-chief
20 February 2023
Follow @PetroleumEcon
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Russia sanctions to create oil market slowburn

Venezuela and Iran offer clues to potential effectiveness of the measures

Moscow’s proposed move to cut 500,000bl/d of crude output in March offered a stark reminder to the oil market: the squeeze on Russia cuts both ways. As Western powers try to put pressure on what was, before the sanctions, the world’s biggest oil exporter, the market is facing up to the reality that Russia will be able manage and that there will be dislocation rather than significant disruption for both producers and consumers for a long time to come. Just look at the other key sanctioned oil producers, Venezuela and Iran. While very different from Russia’s circumstances, both countries have also suffered internally but either found ways circumnavigate measures imposed on them and mitigate th

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