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The 5 Countries That Could Push Oil Prices Up

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The ‘Fragile Five’ petrostates—Iran, Iraq, Libya, Nigeria and Venezuela—continue to see supply disruption potential, with northern Iraq crude exports at risk due to an escalation of tensions between the (Kurdistan Regional Government), Baghdad and Turkey, while the United States has decertified the 2015 Iran nuclear deal,” U.S.

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Opinion: Who Will Be Left Standing At The End Of The Oil War?

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Then we have Venezuela, where production costs hover just over $23 per barrel on average, but where disaster is imminent. For Venezuela, the breakeven point is particularly elusive because the country’s oil is very heavy and very dirty —and thus very expensive to extract and refine. Venezuela is already on its knees.

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What Does The Next OPEC Meeting Have In Store?

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The 2 June 2016 OPEC meeting will be held amid a backdrop of oil prices near $50 per barrel, a sharp drop in Nigerian production due to sabotage, turmoil in Venezuela, Saudi Arabia operating with a new oil minister, and Iran aggressively pumping close to pre-sanction levels. Link to original article: [link].

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Opinion: Is Russia Plotting To Bring Down OPEC?

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According to the IMF’s 2015 Article IV Consultation-Press Release and Staff Report , published August 3, oil and natural gas exports constituted 65 percent of exports, 52 percent of the Federal government budget, and 14.5 Russia already has extensive and close ties with Iran and Venezuela, and is now laying the basis for such ties with Iraq.

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Opinion: Oil Market ShowdownCan Russia Outlast The Saudis?

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Venezuela, an OPEC member, has even proposed an emergency summit meeting. This observer believes the two countries cannot long withstand the pain they have brought upon themselves—and this article only scratches the surface of the negative impact of low crude prices on their economies. Article Source: [link].

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US Lifted The Crude Oil Export Ban, And Exports Went Down

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crude oil is Venezuela. In early February, Venezuela’s state-run oil company PDVSA imported a 550,000-barrel cargo of West Texas Intermediate (WTI) through its U.S.-based Venezuela started importing foreign crudes in 2014 amid a fall in its own production—buying mostly Angolan and Nigerian light grades.

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Are The Saudis About To Reveal The Best Kept Secret In Oil?

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But while everyone believes Saudi Arabia has some of the largest oil reserves in the world, perhaps rivaled only by Venezuela, there has been a lot of uncertainty and skepticism over exactly how much sits beneath the Saudi desert. Link to original article: [link]. The oil world’s biggest secret could soon be publicly released.