Oil production is once again on the rise in Libya.

In the short term, a hasty lifting of sanctions could endanger both Russian exporters and the government’s best-laid budget plans.

If huge amounts of Iranian oil are suddenly allowed to pour into an already flooded global market, Russia could lose big.

OPEC oil production fell to a 28-month low last month, the result of supply disruptions in many of its member states. But North America’s emerging role as a major oil supplier is softening the impact of OPEC’s struggles.