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In the last quarter of 2014, in the face of possible oversupply, Saudi Arabia abandoned its traditional role as the global oil market’s swing producer and therefore it role as unofficial guarantor of existing ($100+ per barrel) prices. This increase in output occurs with the context of a narrow global demand opportunity.
The move allies the US with such luminary states as Iran, Libya and Yemen, the only three other countries in the world not to ratify the Paris Agreement. Congratulations Mr. Xi, youre welcome for the global leadership position weve granted to you. Signed, the republican party.
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