OPEC seen less likely to hike output

ISFAHAN, Iran – A Saudi proposal to hike OPEC’s oil production ceiling to bring it in line with real output appeared to be losing favor Tuesday, with Libya’s oil minister saying most members were opposed. The Saudis in turn said they would pump more oil alone, if needed.

Amid the seeming rift between Saudi Arabia, OPEC’s biggest oil producer, and most others in the 11-nation organization, oil prices spiked to near-record levels, with intraday trading near all-time closing highs.

“There’s mostly a consensus not to increase (by) 500,000 barrels a day at this time,” Libyan Oil Minister Fathi bin Shatwan told reporters ahead of Wednesday’s formal policymaking session of the ministerial meeting of the Organization of Petroleum Exporting Countries.