Oil prices are higher on Tuesday. In the aftermath of the Organization of the Petroleum Exporting Countries (OPEC) and Russia meeting in Algiers the supply picture has not changed.
The sanctions against Iran have already had a negative effect and if major producers did not announce a ramp up there will be a short fall.
Prices continue at 4 year highs as geopolitical and weather factors have supported current price levels.
OPEC members appear to have learnt the lesson of four years ago. The oversupply battle waged against shale producers in the US caused energy prices to drop.
A coordinated approach to limit production has produced stability and at this point Saudi Arabia and Russia are leading a gradual path despite external pressure.
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