WHILE OIL MARKETS are shfting focus from last year's preoccupation with perceived market tightness the fragility of the physical and political security situation in the Middle East and North Africa seems to be on the Increase. Waves In the aftermath of the 2011 uprisings continue to roll across the region, raising unpredictability, while states find it Increasingly hard to protect vital installations amid domestic and international challenges to their security forces. The overall story has shifted In the global oil markets in Q1 of 2013. Oil prices have continued to hold up, but unlike last year, when the focus and fear was for market tightness, it Is Saudi production cuts, counterbalancing a loosened supply and demand balance, which have underpinned oil prices.
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