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CNN CNN Newsroom Live March 17, 2022 08:46:00

The output by 30% as demand slumps and trading houses and shipping companies reject that. it is your region, isn t it, that would be forced to step in to make up for shortage of supply from russia. reporter: absolutely. that s the hope. that s the anticipation because it s the uae and saudi arabia that has currently excess capacity that they can tap into to alleviate the shortfall or deficit. the international energy agency talking about an oil shock is creating so much concern about what it would mean for the oil price which has been extremely volatile over the past few weeks since the start of the war, but that is the issue, that the volatility is showing there s a lot of speculation, max, in that oil price. how much does it really have to do with supply and demand? that is the stance of the opec countries that they say in terms ....

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