VIENNA (AP) — OPEC oil ministers have effectively scrapped their official output ceiling gand agreed to keep producing above that level.
A statement at the end of the meeting Friday did not mention any decision on how much the 12-nation group should pump. But officials told reporters that there was agreement to continue producing at present numbers.
The official ceiling remains 30 million barrels a day. But for more than a year there has been overproduction ranging from just over 1 million barrels a day to nearly twice that much.
OPEC is unhappy with crude prices hovering at around $40 a barrel. But only a few members appeared ready to cut output in an attempt to drive up both supply and prices.
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Jelena Vicic contributed.
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