OPEC agrees to renew 30mn bpd oil output ceiling: Nigeria

VIENNA: 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.