Opec will consider another production hike of 500,000 barrels a day if oil prices do not fall in the next 10 days, the cartel’s president said today.

Mark Shenk, Bloomberg

A rift developed in advance of a crucial OPEC meeting today when Saudi Arabia said it would go-it-alone if its plan to increase production to counter price rises is rejected.

OPEC president and Kuwait’s energy minister said on Saturday he saw no need now for telephone consultations between members of the cartel over a possible oil output cut ahead of its next meeting in March.