The ministers of the Organization of Petroleum Exporting Countries(OPEC) decided here Thursday to maintain its output level despite crude oil price fell to a four-year low level.
The decision to maintain oil production at the level of 30 million barrels a day agreed upon in December 2011 was made in the interests of restoring market equilibrium on the back of the recent rapid decline in oil prices, Xinhua reported citing the statement.
The organisation has "no target price", OPEC's Secretary-General Abudulla El-Badri told a press conference, referring to his previous aspirations of 100 dollars per barrel.
El-Badri said the 12-member-nation cartel had decided to wait and see how the oil market would further develop, rather than cut production in order to correct the price drop.
OPEC countries account for 40 percent of total global oil production.