OPEC maintains oil output

Oil producing nations, pumping almost as much as they can amid soaring oil prices, are to keep their output steady, rejecting suggestions by Venezuela to cut production.

Organisation of Petroleum Exporting Countries (OPEC) president Edmund Daukoru announced the decision as oil ministers emerged from their closed-door talks in Venezuela’s capital Caracas, saying oil producers were concerned about market volatility and could still act to adjust production later if necessary.