Energy Ministers from the oil exporters' group, OPEC, met in Vienna on Thursday for their regular discussions on oil prices. The meeting came as the price of crude oil remains relatively low.
Saudi Arabia, on Thursday, promised not to flood the oil market with extra barrels, even as the group failed to agree on output policy, with Iran insisting on the right to raise production steeply.
At its previous meeting in December 2015, OPEC effectively allowed its 13 members to pump at will.
In the past, OPEC has taken action in similar circumstances, cutting production in an attempt to drive prices higher. But in this current period of relatively cheap oil, the organization has been unable to agree on any action.
The current price of US$50.00 a barrel is well up from the lows it hit in January of about $27.00, but it is still low enough to be a problem for OPEC members. For most of these countries, oil is the main source of government revenue.
According to the International Monetary Fund (IMF), last year, export revenues for this group of oil suppliers fell by US$390 billion, equivalent to 17.5 per cent of their national income.
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