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Saudi Shocks Reawaken Global Oil Markets to Political Risk

  • Any threat in Saudi means ‘turmoil’ for prices: Paolo Scaroni
  • Oil market too slow to reflect political risk: Bank of America
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What Saudi Corruption Crackdown Means for Oil Markets

For the first time in three years, the chief concern in the oil market isn’t too much supply.

Just as production cuts by OPEC and its allies finally deplete a surplus that has weighed on oil prices since 2014, political crises have hit the organization’s three biggest members. First, an eruption in Iraq’s long-running feud with its Kurdish population hurt exports, then rising tensions between Iran and President Donald Trump put that nation’s energy trade at risk.