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OPEC’s No.2 Steps In To Replace Lost Iranian Oil

December 10, 2020 by

U.S. sanctions on Iran’s oil industry were bound to be good news for fellow OPEC producers in the Middle East even if it wouldn’t have been good manners to acknowledge it openly. Yet Saudi Arabia and Iraq were quick to assure market players that they were ready to step in and replace lost Iranian supply. While Saudi Arabia has been wary of reversing its production cuts, however, Iraq has wasted no time in raising its crude oil exports.

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