Opec will not change output target

Opec oil ministers agreed to keep the group’s oil output target unchanged for the rest of this year at their twice yearly meeting in Vienna yesterday.

The Organization of the Petroleum Exporting Countries had been widely expected to keep the 30 million barrels per day target in place after oil ministers said ahead of the meeting that there was no need for change.

Brent crude is close to $100 a barrel, Opec’s preferred level to satisfy producers and consuming countries.