Oil: Russia wins from US sanctions and Saudi cuts

Summary:

26.5% oil price gain in 2019. The oil price ended 2019 strongly because of the OPEC+ deal expansion and optimism that demand growth will again exceed 1.0 million barrels per day (mbpd) in 2020. Brent gained 26.5% since the start of the year with more than half of that coming after the OPEC meeting.

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