The Organization of the Petroleum Exporting Countries (OPEC) decided at a meeting on Wednesday to keep output at current levels despite consumer calls for an increase, RIA Novosti reports.
"The market continues to be affected by price volatility. The widespread erroneous perception of current market tightness and the fear of future shortages appear to have fuelled increasing speculation in the futures market," the Indo-Asian News Service quoted OPEC President and minister of energy of the United Arab Emirates Mohammed Bin Dhaen Al Hamli as saying.
"In the light of this volatility, it is important to restate clearly that OPEC remains committed to a balanced, stable market, with secure uninterrupted supplies at reasonable price acceptable to producers and consumers alike."
The conference was attended by ministers of OPEC member states and observers from Egypt, Oman, Russia, Sudan and Syria.
Russia's Deputy Industry and Energy Minister Anatoly Yanovsky told RIA Novosti he was satisfied with the conference results.
"Russia has traditionally been present at OPEC forums over the last ten years to convey its position."
The deputy minister said Russia wanted stable world oil prices.
Oil prices have grown by 40 percent since August, but fell abruptly on November 21 over speculation that OPEC could boost output.
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