Opec sticks to output policies as global glut grows

Vienna

THE Organization of the Petroleum Exporting Countries (Opec) maintained its policy of pumping near-record volumes of oil at a meeting on Friday, according to sources at the group, taking no steps to reduce one of the worst crude gluts in history which has driven down prices.

The group, which produces a third of global oil, decided to increase its collective output ceiling to 31.5 million barrels per day (bpd) from the previous 30 million, the two Opec sources said, in a move that effectively acknowledged that members are pumping well in excess of the current ceiling.