OPEC's all 12 members agreed in their meeting today in Angola for keeping production unchanged for the fourth time in 2009 at 24.845 million barrels a day. There was consensus from the cartel members for keeping production at the same level before the meeting as market expected.
Ali al-Naimi, Saudi Arabia's oil Minister, mentioned previously that a price range between $70 and $80 is perfect. However, most OPEC members are expected to increase their production at the beginning of the new year. After the meeting, oil declined slightly, while it is currently traded at 73.47 recording a high of $74.00 and a low of $72.85.