OPEC nations see no reason to alter oil output ceiling

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The OPEC (Organization of the Petroleum Exporting Countries) headquarters in Vienna, Austria on December 3, 2013OPEC, the oil producing cartel, will likely stick by its output ceiling at a meeting here, member nations indicated Tuesday as they expressed satisfaction with current high crude prices. The Organization of Petroleum Exporting Countries, which pumps out about one third of the world’s oil, has stood by a daily production ceiling of 30 million barrels for almost three years. OPEC kingpin Saudi Arabia, the cartel’s biggest and most influential producer, declared Tuesday that he expected no change to oil output levels. “The price is at a comfortable level for producer and consumer countries as well as for the oil industry,” Naimi said.