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Crude trading at over $70/bbl speaks well for the Opec+ group’s cohesion, enforced by Saudi Arabia and its allies, with quota arrangements well assured until end-July at least. But myriad challenges remain, in the short term led by the prospects of a revived Iran nuclear deal – which would require a carefully calibrated response as sanctions on crude sales are lifted – and in the longer term (but no longer the distant future) the challenge of energy transition.
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