Big oil buyers rejoice as Opec grapples with glut

Seoul

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 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.