Until Monday, a simple rollover of the group’s 27 million barrels-a-day (b/d) output target had been widely expected. But Saudi Arabian oil minister Ali Naimi challenged this, saying he is advocating a 500,000 b/d increase in order to calm run-away oil markets. Meanwhile, Opec’s Ministerial Monitoring Committee, which consists ofKuwait, Iran and Nigeria, broke with the recommendation that the group increase its output ceiling by 500,000 b/d from May 1.
On Monday, the light, sweet crude oil c
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