There were no surprises from the gathering of some of the world’s largest oil producers. <br /><br />OPEC has agreed to renew its production ceiling of 30 million barrels a day for the second half of this year.<br /><br />The 12 members of the Organisation of the Petroleum Exporting Countries – who pump more than a third of the crude oil the world uses – are mostly satisfied with the supply and demand balance. <br /><br />Saudi Arabia’s oil minister Ali al-Naimi, said: “Everything’s good, stable and everyone’s happy.” <br /><br />That stability has kept the price for the benchmark Brent crude around $110 a barrel, comfortably above OPEC’s preferred price of $100 a barrel.<br /><br />Prices are supported by two member countries, Libya and Iran, producing well below capacity because of civil conflict and sanctions respectively.<br /><br />They are likely to stay high with the deteriorating security situation in Iraq. <br /><br />In the end of meeting communique, OPEC said its next gathering would take place on November 27 and its Secretary General Abdullah al-Badri’s term would be extended to June 30, 2015.<br /><br />Nigeria had nominated Oil Minister Diezani Alison-Madueke to succeed long serving incumbent al-Badri as OPEC secretary-general, ministers said earlier this week.<br /><br />The proposal was intended to solve the deadlock over the post created by opposing candidates from Saudi Arabia and Iran, Iraq’s Oil Minister Abdul Kareem Luaibi said.<br /><br />with Reuters
