Kiran Stacey **Newsflash** Opec on cusp of agreement

It looks like Opec will keep production levels unchanged, as predicted by the FT a month ago.

Wilson Pastor-Morris, the Ecuadorian natural resources minister and current president of the oil cartel, has said the present quotas had “served [their] purpose well” and “reduced volatility at a critical time for the world economy”. A pretty big hint that levels will not change, despite the desire of some Opec members to see oil at up to $100 a barrel.

David Blair has the full story from Vienna.