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Adi ImsirovicThe Conversation |
UAE wants to increase its production of oil beyond the quotas it is alloted by the oil-producing cartel.
And a US blockade of the strait of Hormuz is unlikely to ease the situation.
Even in more peaceful times, oil is considered to be one of the world’s most volatile commodities.
The world could be facing an unprecedented energy shock if oil supplies remain choked.
The plant is the largest of its kind in the world – and it suffered extensive damage.
Is it time to panic about supplies?
There are good reasons why Venezuela’s oil has been trading at a discount.
An oil surplus means that so far reaction has been muted – but disruption and rising prices could still be on the cards.
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