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Oil trade
- Venezuela, a founding member of the oil cartel OPEC and Latin America's top oil exporter, announced Saturday that it had signed a similar accord with a Russian consortium.
Gulf oil revenues are set to cross $600 billion annually in the next two years though the countries in the region will have to live with high inflation rates, according to a new report.- Oil prices struck a series of new highs, with New York crude crossing $114 a barrel, on concerns that supply outages will pressure crude stockpiles, with the weaker dollar continuing to lend support, analysts said.
