The OPEC oil exporters' cartel on Sunday agreed to keep current production levels unchanged until May, Iraqi oil minister Hussein al-Shahristani said.
"It's a rollover until May," al-Shahristani said after a key production meeting in the Austrian capital.
Qatar's energy minister Abdullah bin Hamad Al Attiyah added that the cartel would meet again on May 28 in Vienna to assess the market situation.
OPEC's official daily output quota currently stands at 24.84 million barrels after the cartel agreed to slash 4.2 million barrels late last year in an attempt to energise weak oil prices -- but questions remain about compliance.
The cartel has slashed its output three times since September as crude prices slumped in the face of a worldwide economic slowdown.
Algerian energy minister Chakib Khelil added Sunday that the May meeting would allow the Group of 20 (G20) richest nations time to respond to the global economic crisis at a London summit of world leaders on April 2.
"I think it was a responsible position (to hold output) and also to give the chance to the G20 to do its job on April 2. In light of the decision they will make, we'll make our decision on May 28."
He added: "All of us will have to make an extra effort to be at 100 percent" in terms of compliance with last year's output cuts. "And then (in May) we will have a chance to review compliance."
"It's a rollover until May," al-Shahristani said after a key production meeting in the Austrian capital.
Qatar's energy minister Abdullah bin Hamad Al Attiyah added that the cartel would meet again on May 28 in Vienna to assess the market situation.
OPEC's official daily output quota currently stands at 24.84 million barrels after the cartel agreed to slash 4.2 million barrels late last year in an attempt to energise weak oil prices -- but questions remain about compliance.
The cartel has slashed its output three times since September as crude prices slumped in the face of a worldwide economic slowdown.
Algerian energy minister Chakib Khelil added Sunday that the May meeting would allow the Group of 20 (G20) richest nations time to respond to the global economic crisis at a London summit of world leaders on April 2.
"I think it was a responsible position (to hold output) and also to give the chance to the G20 to do its job on April 2. In light of the decision they will make, we'll make our decision on May 28."
He added: "All of us will have to make an extra effort to be at 100 percent" in terms of compliance with last year's output cuts. "And then (in May) we will have a chance to review compliance."
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