The Organization of the Petroleum Exporting Countries (OPEC) on Saturday announced that it has decided to maintain its current oil production level until next month meeting in Algeria.

OPEC, the largest supplier of oil in the world, decided to cut oil output by 15 lakh barrels per day in October, but it failed to hold the falling crude oil prices.

On Friday in New York Mercantile Exchange Crude oil January future closed at $54.43.