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An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, Oct. 11, one of the largest facilities for oil and petroleum products in southern Russia. The deadline is looming for Western allies to agree on a price cap on Russia oil. AP hide caption

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JIM WATSON/AFP via Getty Images

Why oil shocks are getting less shocking

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Abdulaziz bin Salman, Saudi Arabia's energy minister, speaks during a news conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on Oct. 5. Vladimir Simicek/AFP via Getty Images hide caption

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Vladimir Simicek/AFP via Getty Images

The White House accuses Saudi Arabia of aiding Russia and coercing OPEC oil producers

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A man walks past OPEC headquarters in Vienna on Tuesday on the eve of the 45th meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting. The in-person meeting of OPEC members led by Saudi Arabia and allied members headed by Russia will be the first in the Austrian capital since the spring of 2020. Joe Klamar/AFP via Getty Images hide caption

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Joe Klamar/AFP via Getty Images

Russia and Saudi Arabia agree to massive cuts to oil output. Here's why it matters

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A gas pump is seen at a gas station in Houston on June 9. Gas prices have dropped below $4 a gallon in parts of the country, although the national average remains above that level. Brandon Bell/Getty Images hide caption

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Brandon Bell/Getty Images

Gas prices are finally dropping. Here are 4 things to know

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CNBC's anchor and session moderator Hadley Gamble, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, Iraqi Kurdistan Regional Government Premier Masrour Barzani, and the United Arab Emirates' Energy and Infrastructure Minister Suhail al-Mazrouei attend a session titled "Is the World Ready for A Future Beyond Oil?" at the World Government Summit in Dubai on March 29. Karim Sahib/AFP via Getty Images hide caption

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Karim Sahib/AFP via Getty Images

Getting more oil from Saudi Arabia or the UAE could require U.S. concessions

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The headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna. Joe Klamar/AFP via Getty Images hide caption

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Joe Klamar/AFP via Getty Images

All eyes on OPEC

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Gasoline prices are displayed at a Chevron gas station in downtown Los Angeles on Feb. 18. Crude oil prices are surging toward $100 a barrel, raising the prospect of even higher gasoline prices. Damian Dovarganes/AP hide caption

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Damian Dovarganes/AP

Gas prices are displayed at a Chevron station on June 14 in Los Angeles. A meeting of the oil cartel known as OPEC+ ended in drama, leading to intense volatility in crude prices. Mario Tama/Getty Images hide caption

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Mario Tama/Getty Images

Oil Prices Are In Turmoil Right Now. Here Are 5 Things You Need To Know

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