The decision was made on Wednesday in Vienna where OPEC oil ministers held their 165th meeting.

Iran’s Oil Minister Bijan Namdar Zanganeh told Press TV that the OPEC ministerial meeting was held “without any important challenge” regarding the rollover of the “current level of OPEC production.”

“The situation in market is very well.... The supply and the price are very good and all is acceptable for the supply side and the demand side of the market,” Zanganeh said, adding that the oil market is unlikely to experience any “significant change” in the coming years.

The Iranian minister also stated that the oil market is forecast to remain “stable.”

Zanganeh said the OPEC will continue to play an influential role in the oil market despite investment by some countries in the shale oil reserves.

The 12-member body, which accounts for one third of the world’s oil production, has held its production ceiling at 30 million bpd since December 2011.

After the announcement of OPEC’s decision, Brent North Sea crude for delivery in July soared to USD 109.97 a barrel, up 45 cents, in London midday transactions.

West Texas Intermediate for July reached USD 104.51 a barrel after a 16-cent gain.

OPEC members had said they were happy with current price levels at above USD 100 a barrel.

The group, whose members produced 29.6 million bpd in April, forecasts a demand of 30.4 million bpd over the coming six months.

SHI/SHI