World oil prices rose today after Saudi Oil Minister Ali al-Naimi said that all OPEC members have agreed to keep a production ceiling unchanged, before an output meeting tomorrow in Vienna.
New York's main contract, light sweet crude for delivery in March, increased 34 cents to $68.10 per barrel in pit trading. In London, the price of Brent North Sea crude for March delivery added 12 cents to $66.36 per barrel in electronic deals.
Previously Iran had said it wanted OPEC to agree cut its production ceiling of 28 million barrels per day by one million. The cartel currently pumps more than 29 million barrels per day when Iraq's output, which is not included in the official quota system, is counted.
Nigeria, the United Arab Emirates, Kuwait, Algeria, Indonesia and Iraq looked set to keep the status quo when the OPEC meets tomorrow.
Traders also focused today on a week of crunch diplomatic negotiations in Europe over Iran's nuclear ambitions.
The European Union today renewed pressure on Iran to backtrack on its nuclear plans, as officials from the two sides met in Brussels.
