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The future of declining oil demand forecast in BP Plc’s latest energy outlook is one in which lower-cost exporters may opt to quietly flood the market, as the United Arab Emirates now appears to be doing. That will drive out production from higher-cost nations in brutal fashion. Those that aren’t able to diversify in time face economic collapse, not unlike the one now forcing Venezuela to cannibalize its own infrastructure to keep the barrels flowing. By David Fickling. Full Text-> BloombergOpinion
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