The Organization of Petroleum Exporting Energy (OPEC) decided for the first time in three years to increase the production maximum output to 30 million barrels per day, yet the group will not set individual quotas for each member, according to a person familiar with the case.

Venezuelan Energy Minister, Rafael Ramirez said we have an agreement to maintain the market in balance and we're going to adjust the level of production of each country to open space for Libyan production.

The 30 million barrels is the maximum target for entire OPEC's nations including Iraq and Libya, according to the UAE Oil Minister, Mohamed al-Hamli.

OPEC raised the quota in order to meet the annual production and due to the global slowdown and also because Libya will return now and participate in the production process.