OPEC to keep producing oil above their original output ceiling

OPEC oil ministers have effectively scrapped their official output ceiling and agreed to keep producing above that level.

A statement at the end of the meeting in Vienna did not mention any decision on how much the 12-nation Organisation of Petroleum Exporting Countries should pump, but officials told reporters there was agreement to continue producing at present numbers.

The official ceiling remains 30 million barrels a day, but for more than a year there has been overproduction ranging from just over a million barrels a day to nearly twice that much.

OPEC is unhappy with crude prices hovering at around $40 a barrel, but only a few members appeared ready to cut output in an attempt to drive up supply and prices.