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.

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.

Output policy will be unchanged after Opec oil exporters agreed for the same yesterday. The oil exporters agreed as the oil price held near the group's preferred level of US$100 a barrel.

According to the Organization of Petroleum Exporting Countries (OPEC), the higher supply from competing oil producers will probably lead to a lower-than-expected demand for the OPEC crude in 2013.