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At its meeting on Friday, OPEC members did not come to a consensus on a lower oil production ceiling, causing the current rates to remain, according to multiple reports.
According to the NY Times, a key component in OPEC's decision had to do with the Western sactions on Iran's oil output, which are set to be lifted. The organization is waiting to see how much Iran will be exporting once the sanctions are removed.
OPEC stated that it will revisit the discussion on production levels in June 2016.
Currently, the output ceiling stands is set to reach approximately 31 barrels of oil per day.
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