The world’s largest independent oil trader expects crude’s rally to continue on the assumption any OPEC+ output hikes will fail to keep pace with growth in demand. The Organization of Petroleum Exporting Countries and its allies are deadlocked over a potential ramp-up in production and an extension of their supply deal into later next year. While the group is broadly in agreement over adding 400,000 barrels a day each month for the rest of this year, the United Arab Emirates has not signed off amid a dispute over its production-cuts baseline. “We’ve had impasses like this before and they’ve been resolved,” Mike Muller, Vitol Group’s head of Asia, said during a daily webinar hosted by Dubai consultants Gulf Intelligence. “Whatever OPEC+ agrees, it will surely be a fraction of the amount needed” to meet growing consumption. Crude prices have climbed around 50% this year as economies emerge from the […]