Nigeria's Oil Minister and OPEC president Emmanuel Ibe Kachikwu (L) and OPEC secretary general Abdullah al-Badri arrive for a news conference after a meeting of OPEC oil ministers in Vienna, Austria, December 4, 2015. REUTERS/Heinz-Peter Bader
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OPEC nations decided Friday to keep producing oil at their current high levels, effectively acknowledging their inability to push up crude prices.Instead, the organization's endorsement of present output, which is more than 1.5 million barrels a day above the formal ceiling of 30 million barrels, is likely to push the price of oil down further.Instead, OPEC is poised to produce more oil.Senior oil official Amir Hossein Zamaninia said last week Iran hopes to bring an extra 500,000 barrels on the market by early next year. He said he hopes the extra output will be accommodated within OPEC's formal ceiling of 30 million barrels a day. It was pumping more than 4 million barrels a day last month and was responsible for last month's biggest monthly rise in output among all OPEC countries.
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