VIENNA: OPEC has agreed to renew for the first half of 2014 a collective oil production cap of 30 million barrels a day, two OPEC delegates said.

The 12-member Organization of the Petroleum Exporting Countries is enjoying oil prices at $112 a barrel for Brent crude, comfortably above its preferred price of $100 a barrel.

Two member countries, Libya and Iran, are producing well below capacity because of civil strife and sanctions respectively, helping support prices.