Oil production set to stay same

OPEC is expected to leave its production ceiling unchanged at 30m barrels a day at today’s meeting.

The move is expected despite Saudi facing pressure from fellow members of the Organization of the Petroleum Exporting Countries (OPEC) group to cut oil output in a bid to prevent a further slide in crude prices.

Brent crude traded just over $97 a barrel yesterday having peaked this year at $128 in March.

“Our policy is to defend the production ceiling agreed in December of 30m barrels a day,” said Venezuelan oil minister Rafael Ramirez.