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Big oil buyers rejoice as Opec grapples with glut

Iran's 500,000 barrels a day will mean a global overflow of oil

THRILLS AND SPILLS: Spot prices of the motor fuel loading from Singapore have fallen about 37 per cent over the past year, compared with a slump of about 46 per cent in Dubai crude, a benchmark for shipments to Asia.


OIL buyers in Asia are sure of one thing as the Organization of Petroleum Exporting Countries (Opec) prepares to meet: they'll emerge as winners from the group's rift over production.

Opec members will gather on Dec 4 in Vienna, where Iran has said it will announce plans to