BUSINESS
12/14/2011 08:35 EST | Updated 02/13/2012 05:12 EST

OPEC agrees to keep daily output at 30 million barrels, members to cut back if demand lessens

VIENNA - OPEC says its 12 oil ministers have agreed to keep the organization's output at 30 million barrels a day.

A statement issued by the Organization of the Petroleum Exporting countries says that agreement includes a voluntary commitment by producing nations to lower their outputs if world demand for crude drops.

The result of Wednesday's meeting was widely anticipated. Iran had sought lower production — which would raise prices. But it apparently bowed to Saudi Arabia, which wanted to maintain levels and which effectively sets OPEC policy as its largest producer.

The statement said the target includes Libya, which is increasing production with the cessation of violence. Libyan delegates say the country is pumping about 1 million barrels a day.