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The global energy supply chain is pulling in two directions at once.
Conflict in the Middle East continues to disrupt the flow of oil through one of the world's most consequential transit corridors, and OPEC+ is expected to respond by increasing production to counter those losses.
A producer bloc caught between disruption and demand The expected decision to raise output places OPEC+ in a familiar bind.
Supply chain disruption caused by geopolitical conflict tends to tighten physical markets and push prices higher, which normally argues for restraint among producers who benefit from elevated prices.
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