Political conflict, unrest and violence should keep oil prices elevated for the near future.
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But Libya is hardly the only fire heating up oil markets at present. The Trump Administration’s increasing pressure on Iran, including the threat to declare the Revolutionary Guards Corp a terrorist group, has seen the, “If the U.S. takes this step and endangers our national security we will take reciprocal measures, based on the policies of the Islamic Republic.”
Algerian protests are also on traders’ radar, as they could threaten 1.5 mb/d of petroleum supply .The president has already been forced to resign but the opposition to the regime remains strong. To date, the unrest has not affected oil production, but continuing strife could see a strike among workers in the oilfields or the docks, for example.
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