OPEC announced Thursday it was keeping its oil output ceiling unchanged but vowed to eliminate overproduction as it sought to halt falling oil prices amid a weak global economy and eurozone debt crisis.
Iraq's Minister of Oil and President of the Organization of the Petroleum Exporting Countries (OPEC) conference, Abdul-Kareem Luaibi Bahedh (2ndR) and OPEC Secretary General Abdalla Salem El-Badri (R) attend a press conference at the end of the 161st meeting of the OPEC in Vienna. OPEC announced Thursday it would keep its oil output ceiling unchanged.
"Member countries should adhere to the production ceiling of 30 mbpd (million barrels per day)," agreed in December, the cartel said in a statement read out at a press conference following the meeting.
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