(Photo Supplied: OPEC headquarters in Vienna Austria pictured in 2010. OPEC / WEB)
It’s bad news for the Canadian oil patch and the oilsands.
OPEC oil ministers have essentially thrown its official output ceiling out the window and member producers have agreed to keep producing above that level.
At the end of the meeting the 12-nation group didn’t mention any decision on how much should be pumped but some reports including one from the Financial Post indicates the group has raised its ceiling from 30 million barrels daily to 31.5 million barrels per day.
Although officials told reporters that there was an agreement to continue producing at present numbers and maintain the ceiling.
Poorer member countries were hoping they could sway OPEC into cutting production to help oil prices rise from the current US$40 per barrel.
The move is expected to throw pressure back onto the United-States to cut its production.
