OPEC leaves oil output on hold

Opec left the ceiling for oil production on hold yesterday, powerless to do anything other than hope top producer Saudi Arabia scales back supplies unilaterally soon to stem a $30 (£19.28) slide in prices.

Several in the Organisation of the Petroleum Exporting Countries called on Saudi to cut back to bring collective supply down to the 30m barrel a day limit set in December to defend $100-a-barrel crude.