OPEC country ministers on 4 December agreed not to change the organisation's production ceiling. OPEC members will continue to have an official ceiling totaling 24.5 million barrels a day, said an OPEC spokesman. The announcement to keep oil production at the same level despite a call from Venezuela to lower the ceiling to increase prices (MEED 28:11:03).
OPEC ministers will attend an extraordinary meeting on 10 February in Algiers, in addition to the scheduled meeting on 10 March in Vienna. The extra meeting has been called to reassess OPEC's ceiling level in the New Year, and to take into account increased production from Iraq.
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