OPEC members decided in their meeting in Quito, Ecuador, to keep the quantity produced by the cartel, which pumps 40% of global crude oil, unchanged at 24.8 million barrel a day which was announced in December last year when prices fell to $30 a barrel on the back of the global financial crisis.

The oil cartel said the current price, despite its recent rise, is considered suitable for both producers and consumers as well as the global economy.