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The Sunni – Shiite divide has now become much deeper with possibly more intense proxy wars in Yemen and Syria. The risk picture in the Middle East has clearly inched higher, while we still expect the sanctions to be lifted, the latest events have definitely created some last minute risk that things may not move in the direction widely expected. If the sanctions are not lifted as planned it would clearly reduce the projected crude oil surplus for 2016.

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Reuters 8 years ago

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