Opec decided on Sunday against more supply cuts, signalling that it would delay its goal of boosting oil prices to $75 a barrel at least until next year.
The decision marks a significant shift in the policy of the oil cartel, which supplies about 40 per cent of the world’s oil and had given the impression that it wanted to push up prices as quickly as possible.
But it now seems Opec fears that more radical action to achieve the $75 target could harm the fragile world economy.
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