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Crude Oil Prices: Changing Gear


  • Russia and Saudi Arabia both making new pledges on supply cuts comes despite supply issues elsewhere in OPEC, which could have provided some cushion for smaller cuts.
  • Iranian production remains constrained by new American sanctions; targeted waivers have provided some relief – and indeed Iranian crude exports have grown slightly over January and February – but the waivers expire in May and there is uncertainty over their extension.
  • If that holds – and if OPEC's supply commitments stand – the rally in crude prices will continue.


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