Opec maintains status quo on oil production after members fail to reach consensus

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 Petroleum Exporting Countries’ de facto leader, Saudi Arabia, had previously discussed restoring a production target scrapped in December.

Oil has rallied 80% from the 12-year low reached in January as depressed prices take their toll on supplies.

That suggests the Saudiled decision in 2014 to maintain output amid a global glut is finally paying off, with higher-cost producers cutting back.

While Saudi Arabia had shown willingness to mend divisions with cash-strapped members demanding a new group ceiling, Iran said it would support individual country quotas that would be difficult to agree in a single meeting.