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OPEC is not a cartel, was the resounding cry from the oil ministers as they met in Vienna, according to CNBC's Melissa Francis on Thursday.
"They want everyone in the world to know OPEC is not a cartel and that it's an insult to call it a cartel, that is has a negative connotation," Francis said. "They say that they have been working together like any other industry for 50 years and that they don't want that moniker out there anymore."
Francis reported that the oil group finds the references to them as a cartel insulting after she was corrected by Saudi Arabia's Oil Minister Ali al-Naimi. She noted that a number of the oil ministers impressed the same view on her at the meeting.
"Cartels are dowagers. OPEC isn't," al-Naimi told CNBC.
Oil prices rose above $63 a barrel on Thursday after OPEC ministers decided to leave the group's oil output untouched at 24.85 million barrels per day.
On Wednesday, al-Naimi told reporters in Vienna the world was ready to cope with a barrel price range of $75 to $80.
The Organization of Petroleum Exporting Countries added an extraordinary meeting for December 17 in Angola. The group's next meeting takes place September 9.
More on OPEC:
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Data is a real-time snapshot *Data is delayed at least 15 minutes