The Organization of Petroleum-Exporting Countries says it will maintain crude output quota until its summit next month in Algeria. The announcement comes during OPEC's consultative ministerial meeting in Cairo on Saturday.
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The Organization of Petroleum-Exporting Countries says it will maintain crude output quota until its summit next month in Algeria.
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Meanwhile, Saudi Arabia says it hopes to raise oil prices to 75 US dollars a barrel.
The OPEC decision followed a production cut of 1.5 million barrels per day in October.
But the cut failed to stop the price drop due to the global financial crisis and economic recession.
OPEC's current rotating president said the organization is concerned about the weakening world economy and its impact on oil prices.
He said the cartel will wait until a meeting next month to decide whether to cut additional crude oil supplies from the market.
