The Organization of Petroleum Exporting Countries, OPEC has decided to maintain the same oil output at 30 million barrel per day for the next year. The decision was taken at the meeting of OPEC oil ministers in Vienna a short while ago.

They have also agreed to meet again on June 11 to assess the status of oil production target. According to reports, if the sanctions on Iran's oil exports is completely relieved by that time, they can discuss measures to curb over production.

The oil ministers said that they are happy with the current crude price around 100 dollars per barrel and supply and demand are in balance. But Iran's oil minister said his country will push for pre-sanctions oil production levels as soon as possible, even if it brings down the crude prices. Iraq also said it wants to raise the output while Libya said it can increase the production if once the unrest comes to an end in the country.