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The U.S., Venezuela’s biggest customer, is banning oil imports from the country as it condemns President Nicolas Maduro for fraudulently clinging to power after disputed elections. Venezuela’s output is already at the lowest in decades as a spiraling economic crisis takes its toll on oil infrastructure. While global markets remain comfortably supplied, disruption in Venezuela poses a threat because production of the heavier, higher-sulfur crude it pumps is being reduced elsewhere, the IEA said in a monthly report.
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