The oil-producing countries that comprise OPEC did not approve a plan to reduce the cap on production during their 166th meeting, which was held in Vienna. Kuwaiti Oil Minister Ali Saleh Al-Amir reported that there has been no change to the production cap of 30 million barrels a day.
The 12 members of OPEC produce one-third of the world’s crude oil and have a strong influence on the price of oil.
Some members have called for reduced production in an attempt to moderate declining prices.
While Ecuador and Venezuela were vying for a reduction in the cap, Saudi Arabia was opposed. Iran is looking for a strategy to halt the decline in oil prices.
Since last June, the price of oil has fallen by 30 percent, with prices now at $79 a barrel.
The fall in oil prices forced the Iranian government to recalculate its budget, which had been based on an oil price of $100 per barrel.