OPEC agrees to keep output at current level for 2012

The Organisation of Petroleum Exporting Countries (OPEC ) has agreed to keep output steady at the current level for 2012, and stood united following its last meeting in June, which had ended in disarray.

World oil prices were down today, on eurozone worries and falling shares, as the production meeting of OPEC got under way, which was widely expected to maintain output, traders said.

Late morning trading saw the price of Brent North Sea crude for delivery in January dip 81 cents to $108.69 a barrel.

New York's main contract, light sweet crude for January, was down 52 cents to $99.62 per barrel.

According to analysts, no changes to the current output levels were expected, but renewed calls for better compliance were expected.

The Vienna-based organisation, supplier of a third of the world's crude, has had an output target of 24.84 million barrels per day (mbpd) for three years.