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OPEC agreed on Wednesday to renew its oil production ceiling of 30 million barrels a day for the second half of this year, in a widely anticipated decision.
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, ministers said. Two member countries, Libya and Iran, are producing well below capacity because of civil conflict and sanctions respectively, helping support prices.
In its end of meeting communique confirming the decision, OPEC also said the next meeting would take place on November 27 and its Secretary General Abdullah al-Badri’s term would be extended to June 30, 2015. Nigeria had nominated Oil Minister Diezani Alison-Madueke to succeed long serving incumbent al-Badri as OPEC secretary-general, ministers said earlier this week. The proposal was intended to solve the deadlock over the post created by opposing candidates from Saudi Arabia and Iran, Iraq’s Oil Minister Abdul Kareem Luaibi said.