Saudi Arabia has been publicly humiliated by its greatest rival after Iran rallied five Opec countries to block the kingdom’s bid to increase the oil cartel’s output quotas.
The unexpected development sent Brent crude up more than $2 to a one-month high of $118.59 a barrel. West Texas Intermediate, the US benchmark, moved back above $100 a barrel.
Ali Naimi, the veteran Saudi oil minister once described as Opec’s de facto leader, denounced “one of the worst meetings we have ever had”.
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