OPEC (Organization of the Petroleum Exporting Countries) is an oil cartel whose mission is to coordinate the policies of the oil-producing countries. The goal is to secure a steady income to the member states and to secure supply of oil to consumers.

According to sources, OPEC is currently satisfied with the present oil price levels. Also, it has been revealed by sources that OPEC is ready to keep the total output ceiling of the group unchanged. The Organization of the Petroleum Exporting Countries says that the cap on the output will remain unchanged at least until June.

It has also been revealed by sources that the countries such as Libya, Iran, and Iraq have been planning to increase their exports in coming months.

The OPEC will be maintaining the 30 million-barrel-a-day target for the 12-nation Organization of Petroleum Exporting Countries. Experts said that the output from these countries is the world's 40% oil Output.

Also, OPEC is going to ensure price stability by complying with this export limit, according to Venezuelan Energy Minister Rafael Ramirez's statement yesterday.

Libyan Oil Minister Abdulbari al-Arusi said that there is no requirement to reduce the cap at the next meeting as well.