Oil drops as Opec sticks to policy of unfettered production

Organization of the Petroleum Exporting Countries (Opec) will stick to its policy of unfettered production after members failed to agree on a new output ceiling, but ministers were united in their optimism that global oil markets are improving.

While crude prices dipped after yesterday’s meeting, there was little of the rancor that punctuated last December’s summit.

The group was also able to appoint a new secretary-general — Nigeria’s Mohammed Barkindo — something it could not agree on last year.