Emergency talks to address the high global oil price broke up in disarray last night as ministers traded accusations over the cause of the increase and reports of fresh rebel attacks in Nigeria threatened to overwhelm a Saudi pledge to pump more oil.

After raids on facilities operated by Shell and Chevron, it emerged that Nigeria, once Africa's biggest oil producer, is pumping oil at its lowest level in 25 years — between 1.2 million and 1.5 million barrels a day, representing a reduction of at least 325,000 barrels. The news is expected to unsettle oil markets today, despite an earlier pledge from the summit's host, King Abdullah, to boost Saudi production by 200,000 barrels a day to 9. ... Read full article