This week, Energy ministers from Organization of Petroleum Exporting Countries (OPEC) have decided to keep the target of the group for crude output unchanged at 30 million barrels per day.

OPEC's members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE and Venezuela.

Venezuela's energy minister Rafael Ramirez said that sustaining the present target for the 12-nation group will provide assurance regarding stability of oil prices. Some forecasters advised that excess supply, including US shale oil and a possible recovery in exports from Iran, Libya and Iraq, may push prices lower next year if cuts in production are not made.

Al-Naimi told that the next meeting of OPEC's will be held on June 11. He also told that the group has decided to extend the term of Secretary-General Abdalla El-Badri's by a year,

Since the start of the year, Brent crude has averaged $108.57 as compared with the figure in the year 2012 and 2011, which were $111.68, and $110.85 respectively. Brent crude is the standard used to price over half of the world's crude.

The Centre for Global Energy Studies in London and Citigroup Inc. in New York has predicted that the Saudi Arabia and its allies Kuwait, Qatar and the UAE would have to decrease its production by 1 million to 2 million barrels per day in 2014.