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Petroleum Executive: Oil Glut Explains Price Stability in Face of Turmoil

The head of the American Petroleum Institute said Tuesday that surging U.S. oil production is the reason markets are shrugging off the growing tensions between key oil exporters in the Middle East. API President Jack Gerard 's comments came as oil prices declined to around $36 a barrel, even though Iran and Saudi Arabia are locked in an escalating diplomatic dispute. Gerard said in a Washington speech that “the geopolitics of energy have changed over the past decade” as new...

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