Rallying oil prices in recent weeks have intensified speculation that this week the OPEC+ group will decide to put more oil on the market as of April to prevent an over-tightening of the market and preserve market share. As tempting as high oil prices could be from a budget perspective for the biggest oil-exporting nations in the Middle East and Russia, oil at $70—as many banks now believe prices would reach as early as next quarter—would be a drag on the tentative demand recovery, with large importers such as India signaling they are…
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