Eddie Seal/Bloomberg News
The Organization of Petroleum Exporting Countries decided Dec. 4 to maintain the current crude oil production level until June in an effort to keep prices stable.
The 12 countries, which account for about 40% of crude production in the world, decided against raising the 30 million-barrel-a-day target, Bloomberg News said. Analysts said excess supply could push prices down next year if OPEC does not cut production.
Iran and Libya want to increase their output, which could shake up supply and lower prices, Bloomberg said. OPEC will meet again June 11 to consider those requests, but analysts told Bloomberg that will not be likely.
One factor increasing world oil supply is that the United States is producing its largest amount in decades, largely due to shale extraction. The International Energy Agency predicted last month that the United States would become the largest energy-producing country in the world by 2015, surpassing Russia and Saudi Arabia.