Major states buying oil from Iran are unlikely to heed the US call to drop imports; key allies want a waiver to avoid sanctions; OPEC, meanwhile, will have trouble boosting output in the short-term; the puzzle is not solved, but there are dark clouds.
- Pepe Escobar
- Asia Times
History may have registered stranger geoeconomic bedfellows.
But in the current OPEC-plus world, the rules of the game are now de facto controlled by OPEC powerhouse Saudi Arabia in concert with non-OPEC Russia.
Russia may even join OPEC as an associate member.
There’s a key…