Updated: 06/15/2012 17:39

OPEC leaves oil output ceiling unchanged

®Copyright MediaCorp

Opec has announced it was keeping its oil output ceiling unchanged.

But it vowed to eliminate overproduction, as it sought to halt falling oil prices amid a weak global economy and eurozone debt crisis.

The price of Brent crude oil has tumbled from US$128 a barrel in early March to US$96.

This came mainly on the back of expectations of weaker demand caused by the euro's troubles and a slowing Chinese economy.

Meanwhile, Opec members were keeping a firm eye on developments in the eurozone, which have weighed heavily on oil prices.