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Marketplace Morning Report

Russia plays oil diplomacy card in Middle East

Scott Tong May 10, 2019
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The Organization of the Petroleum Exporting Countries (OPEC) headquarters in Vienna, Austria in 2016.
Joe Klamar/AFP/Getty Images

As the United States has pulled back from the Middle East — politically and economically — a new powerbroker is trying to move in: Russia. Moscow has leveraged its oil market power to partner with the Organization of the Petroleum Exporting Countries (OPEC) and the oil cartel’s most powerful member, Saudi Arabia.

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