OPEC is set to debate a technical increase of its production ceiling later this week to accommodate returning member Indonesia, delegates said on Monday, while hopes of a meaningful dialogue with rival non-OPEC members all but faded. Indonesia asked OPEC this year to renew its membership, aiming to benefit from closer ties with oil producers. Some in the cartel say that Indonesia can offer insights in to oil consumers’ views as it is now a net oil importer. Indonesia produces some 900,000 barrels per day and this would need to be accommodated into OPEC’s production ceiling, which has not changed from 30 million bpd over the past few years. OPEC needs to present the issue very carefully to the markets so it is perceived only as a technical accommodation and […]