production ceiling

Numerous meetings in recent years have ended in stalemates, or with production ceilings agreed to that were subsequently ignored.

It also called for production ceilings.

Once the ministers set a production ceiling, they will have to divide the total among member nations.

That would be 1.5 million barrels above the production ceiling set in November.

The group has a self-imposed, and long-abandoned, production ceiling of 15.06 million barrels.

The production ceiling, now set at 28 million barrels a day and shared by all 11 members except Iraq, would theoretically remain unchanged.

Analysts do not expect the group to raise its current production ceiling of 24.5 million barrels a day.

OPEC's current production ceiling is 15.8 million barrels a day.

It also agreed to raise its overall production ceiling.

It now urged immediate action to bring about a price increase by abandoning the production ceiling increases programmed for the rest of that year.