OPEC to maintain oil production at 30 mln barrels per day

The ministers of the Organization of Petroleum Exporting Countries (OPEC) decided here on Thursday to maintain its output level despite crude oil price fell to a four-year low level, a statement released after the OPEC conference said.

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, the statement said.

The organization has "no target price," OPEC's Secretary-General Abudulla al-Badri told a press conference, referring to his previous aspirations of 100 dollars per barrel.

Crude oil prices fell to below 74 dollars per barrel after OPEC's decision on Thursday, the lowest level since September 2010.

Supply and demand projections for 2015 were examined, and forecasts of increased global economic growth to 3.6 percent pointed toward an expected increase in world oil demand despite an extremely well-supplied global oil market, the statement said.

The decision also comes despite the acknowledgement of increasing production as well as stock levels in OECD and non-OPEC countries.

Additionally the OPEC Secretariat was directed to closely monitor the oil supply and demand situation as well as speculative activities in order to keep member countries informed.