Divided world: Oil rally and global growth concerns ...Qatar

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Divided world: Oil rally and global growth concerns
The surprise move by the 23 producing nations, collectively known as Opec+, to tighten crude markets has left the oil world starkly divided. The shock decision, steered by Saudi Arabia, to delay the restart of oil output halted during the pandemic is being lauded by many as a masterstroke of supply management, but seen by others as misjudged. Just as Vitol Group, the world’s biggest trader, says “Opec+ have control” of the market, Wall Street banks like Goldman Sachs Group and JPMorgan Chase & Co are upgrading their price forecasts. On the other hand, others warn that the Organisation of Petroleum Exporting Countries and its allies including Russia risk over-tightening crude markets just as

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