OPEC decided to increase its production ceiling to 30 million barrels a day, the first change in three years, moving the group’s target nearer to current output as it grapples with rising exports from post-war Libya.

The new quota is for all members of the Organization of Petroleum Exporting Countries, including Iraq and Libya, and compares with actual November production from those 12 nations of 30.37 million barrels a day, according to OPEC estimates. The target will be reviewed at its next meeting on June 14 and replaces a previous target for 11 OPEC nations, excluding Iraq, of 24.845 million.

Brent crude for January delivery plunged $3.55, or 3.2 percent, to $105.95 a barrel on the ICE Futures Europe exchange. Prices are up 12 percent this year after gaining 8 percent in 2010.