Standoff between Opec, traders on oil outlook fuelling price rise: Analyst

Opec and oil traders are now in fundamental disagreement about the market outlook and the standoff is fuelling a sharp rise in prices that could spell trouble for the global economy over the next 18 months.

The overall balance between supply and demand is “healthy” according to a statement from the Joint Ministerial Monitoring Committee of Opec and non-Opec producers last month. The committee expressed its satisfaction regarding the current oil market outlook, according to a press statement released afterwards (“JMMC.....

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