Opec agrees to hold output steady for now

Opec ministers today agreed to hold production unchanged for now but set the stage for a cutback of half a million barrels a day in February. Oil rose above £31 a barrel in response.

The decision, in a closed meeting of the 11-nation Organisation of Petroleum Exporting Countries, was confirmed by Opec President Edmund Daukoru, who is also oil minister of Nigeria, along with ministers from other member nations.