Opec fails to agree on output cap; oil extends fall

Vienna

OPEC will stick to its policy of unfettered oil production after members failed to agree on a new output ceiling. Crude extended its decline in London.

The meeting didn't produce a supply accord, but did reach consensus on appointing Nigeria's candidate as new secretary-general, Sudirman Said, Indonesia's energy minister, said in Vienna. The Organization of the Petroleum Exporting Countries' de facto leader, Saudi Arabia, had previously discussed restoring a production target scrapped in December, according to delegates familiar with the matter.