OPEC sticks to output policies

OPEC maintained its policy of pumping near-record volumes of oil at a meeting yesterday, 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.