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RIYADH: Amid widespread efforts by the Organization of the Petroleum Exporting Countries to stabilize the oil market, the King Abdullah Petroleum Studies and Research Center disclosed that lifting sanctions on Venezuelan and Iranian oil will not have any short-term impact on the sector.  

In its recently released report, KAPSARC stated that Iran’s oil production will likely grow to 5 million barrels per day with or without sanctions. In contrast, Venezuelan oil production is unlikely to reach 1 million bpd under sanctions.  

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