OPEC agrees to hold production ceiling: Saudi Arabia

OPEC ministers held their oil production ceiling unchanged on Wednesday while voting to keep secretary-general Abdullah El-Badri in his post for another year, Saudi Arabian Oil Minister Ali al-Naimi said after a meeting in Vienna.

"We will hold" output, which currently stands at 30 million barrels per day, Naimi told reporters after the Organization of Petroleum Exporting Countries wrapped up its ministerial meeting.

The ministers also voted to keep Libyan El-Badri on for one more year, having apparently failed to agree on a replacement for the already two-term secretary-general.

Three candidates were in the running for his job: Majed al-Moneef, a former Saudi governor to OPEC, ex-Iranian oil minister Gholam Hossein Nozari and former Iraq oil minister Thamir Ghadhban.

"We extended one year for the secretary general," Naimi told journalists.

"We have an experienced secretary general in position. Extending it one year is a very very very good decision," he went on.

OPEC was to hold its next meeting on May 31, he added.

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