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Global Energy Markets Brace for Iran Oil Sanctions Next Month

Eliecer Palacios

The recent rally in crude oil prices is prompting investors to question its staying power. The answer to how long the rally can continue may depend on how much oil Saudi Arabia and Russia can pump to make up for lost Iranian production. To add further pressure on Iran's exports, one of the countries that is about to cut Iranian oil is the United Arab Emirates which, according to a Bloomberg article, is a key buyer of condensate oil and lower quality fuel oil for their local airlines and shipping industries.