Oil prices rise as OPEC talks fail

Oil prices have risen after a key meeting of the Organisation of the Petroleum Exporting Countries (Opec) failed to reach an agreement over increasing output targets.

Opec said production volumes will now remain at the current levels until the 12 member countries meet in the next three months to come to a deal over an output hike.

Opec Secretary General Abdullah Al-Badri said: "We are unable to reach consensus to ... raise our production."

According to analysts, Opec was admitting to such disagreements among its members for the first time in over two decades.

Gulf countries such as Saudi Arabia wanted production targets to be raised to ease concerns among consumer nations over soaring crude oil prices.

However, nations led by Iran - the second-strongest producer within Opec - were opposed to raising the output ceiling.

Copyright © Press Association 2011