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Today's Summary

U.S. intervention in Venezuela will likely choke oil flows to China, writes Noah Smith. China has threatened retaliation, calling CBAM unfair and discriminatory. Russia is doing surprisingly well in Syria under the new regime. China is now buying less venezuelan oil, Bloomberg reports. Chinese oil buyers have reduced their intake of Venezuelan oil as the discount between Brent and Merey crude shrank from $15 per barrel last month to $13 per barrel now.