When OPEC+ agreed to boost its monthly production growth target from 432,000 bpd to 648,000 bpd last week, many politicians in Europe and the White House across the Atlantic must have breathed a sigh of relief. But it wasn't a lengthy relief. Following the OPEC+ announcement, oil prices should have dropped, but they didn't. Prices rose. And this wasn't just because the increase in target production growth could remain on paper only. It was because of spare capacity as well. That the world's spare oil production capacity is quite tight has been…
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