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Around a million barrels of oil a day is likely to disappear from global oil markets if the U.S. sanctions on Iran bite, but it is still far from certain that they will bite in the way intended... Germany has said it will protect its companies from U.S. sanctions, Iran has said French oil giant Total has yet to pull out of its fields and all the while it seems the Chinese are ready to fill the void created by the U.S..

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