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Washington’s Venezuela oil deal threatens China and Russia’s energy grip

Late summer handed the oil market something it hadn't seen in decades. Washington and Caracas signed an energy agreement that can seriously change the balance of power in the global oil market. In practice, its implications stretch far beyond production figures and corporate profits. It could reshape who has influence over Venezuelan oil, weaken the position of China and Russia, and give Washington a new source of leverage in a global market already being strained by war, sanctions and insecure shipping routes.