OPEC Agrees To Keep Flooding The World With Oil

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VIENNA — OPEC oil ministers have effectively scrapped their official output ceiling and agreed to keep producing above that level.

A statement at the end of their meeting Friday did not mention any decision on how much the 12-nation group should pump.

But officials told reporters that there was an 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.

Source: HP

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