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HomeTop NewsOPEC agrees to renew 30 mln bpd oil output ceiling

OPEC agrees to renew 30 mln bpd oil output ceiling

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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.

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