The gathering of the 12-nation Organization of Petroleum Exporting Countries (OPEC) in Quito marked the passing of the cartel's rotating presidency from Ecuador to Iran -- the first time in 36 years the Islamic republic has held the largely symbolic leadership, Channel NewsAsia reports.
During the conference, Saudi Oil Minister Ali al-Nuaimi told reporters that rising oil prices did not worry OPEC.
The price per barrel has spiked above the psychologically significant level of 90 dollars this week, the first time it has done so in two years. Oil futures trading on Friday initially pushed the price higher, to 91.40 dollars a barrel, before falling back to 90.48 dollars in London trade for delivery in January.
The majority of OPEC members supported the decision about maintaining production at the same level it has been for the past two years, 24.8 million barrels per day. OPEC held its forecast for world oil demand growth in 2011 steady at 1.2 mbd.The organization accounts for nearly 40 percent of the world's oil output.
