Biggest Oil Buyers Pick Themselves as Winners From OPEC Meeting
- OPEC to meet Dec. 4 in Vienna to discuss oil production target
- South Korean refiner sees `best time ever' as buyer amid glut
Global Glut: Oil Inventories on the Rise
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Oil buyers in Asia are sure of one thing as OPEC prepares to meet: They’ll emerge as winners from the group’s rift over production.
Members of the Organization of Petroleum Exporting Countries will gather Dec. 4 in Vienna, where Iran has said it will announce plans to boost production by 500,000 barrels a day. That may further lift the 12-member group’s output, which has exceeded its target for 17 months. The increase in volumes would exacerbate a global glut and benefit the biggest oil-consuming region’s refiners, which are seeking cheaper sources of crude.