The Organisation of Petroleum Exporting Countries (OPEC) has decided to maintain the current production level without any change in the first half of next year. The ministerial monitoring committee of OPEC took this decision in Abu Dhabi on Wednesday.
OPEC said the persistent volatility in oil prices is a matter of high concern.
The committee, comprising representatives from Iran, Nigeria, Kuwait and the OPEC Secretariat, has referred the recommendations to the ministerial council meeting, which opened earlier in the day.
At the opening session of the meeting, OPEC President Mohammed Bin Dhaen Al Hamli, who is also minister of energy of the UAE, said the world oil market continues to feel the pinch of spiralling prices despite efforts by the OPEC to boost capacity to stabilise supply.
'The market continues to be affected by price volatility,' he said. 'The widespread erroneous perception of current market tightness and the fear of future shortages appear to have fuelled increasing speculation in the futures market.
'In addition, continuing geopolitical tensions in some oil producing regions and downstream bottlenecks have also had an impact on the market,' Al Hamli said.
'In the light of this volatility, it is important to restate clearly that OPEC remains committed to a balanced, stable market, with secure uninterrupted supplies at reasonable price acceptable to producers and consumers alike,' Al Hamli maintained.
Abu Dhabi is hosting the OPEC conference for the first time in 29 years. Besides the ministers of all OPEC member countries, observers from Egypt, Oman, Russia, Sudan and Syria are attending the conference.
