IEA: Oil market tightens; US output to top Saudis in 2018

The price of Brent crude oil reached above $70/bbl early this week, the first time since the Organization of Petroleum Exporting Countries' "market share" ministerial meeting in December 2014. The factors affecting this upward movement include the possible unravelling of the Iran nuclear deal and recent demonstrations in the country, disruption to Libya's oil industry, and closure of the Forties pipeline system.

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