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Epicenter of todays financial storm.

Before Russia and Saudi Arabia started a price war, the glut on the market was caused by a series of Chinese purchase reneggings, something American country auctioneers are long familiar with because Chinese "bid then reneg" is actually quite common.

Given the mega contracts tied to such enormous transactions international legal experts think the Chinese will NOT prevail in their claims of Force Majeure.

Of the 94 contracts with these force majeure provisions, just 13 of them explicitly state that public health events — such as flu, epidemic, serious illness, plagues, disease, emergency or outbreaks — would constitute a force majeure situation. Unforeseen public health situations were not expressly included in the remaining 81 contracts.

Read more on CNBC:

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