In this context, it is notable that many purchasers of Iranian crude oil have reduced their purchases or announced they are in productive discussions with alternative suppliers.

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Mexico and Venezuela, two historically large exporters of crude oil, have radically reduced production in the past few years, making imports from Canada that much more essential.

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Without a new supply it would be reduced to earning a slim refining markup on crude it buys from well owners.

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Nor is it the chancellor's fault if the unintelligent application of the euro zone's crude rules have, for now, reduced any chance of winning round the sceptical (and very constant) two-thirds majority in Britain who oppose euro entry although Mr Balls bullishly claimed a referendum could still be won if the economic tests were met.

ECONOMIST: Bagehot