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War and sanctions change balance of output in OPEC+ producers Russia, Iran, Venezuela

October 27, 2023 Comments Off

As the geopolitics of war continue to loom over the oil market, the outlook for three OPEC+ alliance members whose energy sectors have been hit by sanctions — Russia, Iran and Venezuela — are figured to evolve. Russia has been the primary focus of Western sanctions since it invaded Ukraine in February 2022, reducing the appetites of the US and…