OPEC 'likely to back Saudi oil output plan'

OPEC ministers today moved toward consensus on formally boosting the group’s oil output. But the move did little to ease concerns that the world’s hunger for crude may soon outpace the organisation’s capacity to feed it.

Nigeria’s presidential adviser on oil matters suggested the Organisation of Petroleum Exporting Countries was leaning toward backing a Saudi proposal to raise output by 500,000 barrels a day.