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The Organization of Petroleum Exporting Countries (OPEC) has decided to maintain its production levels for at least another six months, Saudi Arabia's Oil Minister Ali al-Naimi told reporters Friday.
The cartel maintained its collective output production level at 30 million barrels per day, which could continue to weigh on oil prices this year, as oversupply has dominated markets following the group's decision not to cut production at its last meeting in November.
Both Brent and West Texas Intermediate oil prices spiked on the news that the organization's output target would remain the same. Brent rose to trade around $62.60 per barrel and WTI cost $58.40 at around 12.40 p.m. London time - an increase of around 0.5 percent for both benchmarks.
The price of oil has rebounded significantly since hitting lows of $45 a barrel in January, giving officials meeting in Vienna little reason to meddle with their target, which is likely to continue to hit the U.S. shale oil industry.
OPEC's next meeting is scheduled for December 4th, Naimi said, who added that the two-hour meeting had been amicable.
OPEC members have been pumping oil at full tilt in recent months, with analysts suggesting they have in fact breached their 30 million-a-day ceiling, going head-to-head with U.S. shale production which has yet to show any signs of slowing from record high production levels.
One OPEC oil producer looking to increase production levels is Iran, however, which is due to return to the global stage as it finalizes a nuclear proliferation deal.
Iranian Oil Minister, Bijan Namdar Zanganeh, told CNBC that he did not think oil prices would slump when his country's oil re-enters the market.
"I don't believe that we will witness a new fall in the oil price in the market, but the main issue for Iran I should emphasis is to achieve the traditional market share of Iran in the oil market," he told CNBC in Vienna.
OPEC-member Iran has been forced to limit its oil exportation as a result of international sanctions levied on the country because of its nuclear enrichment program. However, international talks aimed at striking a deal that would see the sanctions lifted have been taking place.
Zanganeh said that Iran could bring around half a million barrels of oil per day to the market within the next one or two months, upping that to around 1 million per day for exports in the next 6 months.
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However, CEO of oil and gas consultancy and research firm Petroleum Policy Intelligence, Bill Farren-Price, said the influx of Iranian oil could have a big impact on prices, as it is likely that the country has been building up their oil supply in recent years.
"I think that is going to be the big question whether Iran can actually deliver these barrels, whether the deal is done by the end of June, but I do expect Iran will come back – its got a lot of oil in storage that will be released, they may make a bit of a splash when they start up again and that could have a big impact on the market certainly," Farren-Price told CNBC.