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Oil prices got a modest lift last week on word OPEC may be upping the production cut ante, but gains were balanced by signs of Russian production growth. A research from PVM (International oil brokers & consultants) suggests delegates at a May meeting of members of the Organization of Petroleum Exporting Countries may consider deeper cuts than already implemented under a six-month deal that began in January. Libya and Nigeria are exempt from the deal and Iran has room for production growth as it seeks to regain a market share lost to sanctions. Saudi Arabia, the largest producer and de facto head of OPEC, has cut its output more than any other and total group production is already below the 32.5 million barrels per day target. PVM
With the refugee crisis threatening to unravel the European Union, some EU officials are banking on the art of the migrant deal to keep Europe’s immigration problem in check. That solution appears to be a band-aid, rather than a cure, and it is shifting the bleeding to other areas of Europe, as well as setting up the EU for blackmail. In 2015, more than 1 million migrants entered Europe, most of whom used the Balkan route to reach western and northern European countries, particularly Germany. In March 2016, the EU reached a deal with Turkey in which Ankara agreed to take back migrants arriving at the Greek islands in exchange for Brussels relocating refugees directly from Turkey. As the EU-Turkey deal came into place, Balkan states closed