OPEC at \\\'consensus\\\' to hold oil output ceiling

OPEC has reached a "consensus" to maintain its oil output ceiling, Venezuela's energy minister said Wednesday, as the cartel's members met to formally agree the no-change decision. The Organization of Petroleum Exporting Countries (OPEC), which accounts for one third of the world's oil, has held its production ceiling at 30 million barrels per day (bpd) for almost three years. With crude prices at near $110 per barrel, Venezuela's Rafael Ramirez said: ""The prices are good, the market is stable." "There is consensus to maintain (the) production" ceiling, he told reporters just before Wednesday's meeting began. OPEC Secretary-General Abdullah El-Badri added: "I think there will be another rollover. We will discuss it at the meeting." The cartel is in fact pumping below its target owing to ongoing shortfalls in Libya -- which been rocked by persistent unrest -- and abundant supplies in top crude consumer the United States, according to AFP.