Opec keeps 30m bpd level

Opec has decided to keep its oil production ceiling at the current level of 30 million barrels per day, according to a report.

The decision by the industry cartel had been widely expected, with key member Saudi Arabia appearing in the lead up to Wednesday’s meeting to not be calling for any change.

The level has been maintained since 2011 by the 12-member group, which is satisfied by the average current price of $110 per barrel of oil, Reuters reported on Wednesday.

The organisation will hold its next meeting on 27 November, according to the news wire, while secretary general Adbullah al-Badri has seen his term extended until 30 June next year.

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