OPEC has agreed to renew for the second half of 2014 its oil production ceiling of 30 million barrels a day, Nigeria Oil Minister Diezani Alison-Madueke said at the end of the meeting on Wednesday.
The 12-member Organisation of the Petroleum Exporting Countries is satisfied with oil prices around $110 a barrel for Brent crude, comfortably above its preferred price of $100 a barrel.
Two member countries, Libya and Iran, are producing well below capacity because of civil conflict and sanctions respectively, helping support prices.
Wednesday 11 June 2014
OPEC agrees to renew 30 mln bpd oil output ceiling
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