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Early estimates suggested that about 3 million barrels per day of petroleum productionnearly 3% of global productionhad been effectively removed from the global oil market in the aftermath of Russia's invasion of Ukraine in February 2022, constituting one of the largest supply shortfalls since the 1970s. European Union (EU) member countries saw a substantially larger increase in price levels P than other countries P* (i.e., sticky prices do not apply) due to their strong reliance on Russian oil.

Question:

Analyze how rises in petroleum prices affected the euro and the EU's overall economic output in the short term, all other things being equal, using an AA-DD-XX diagram.