The Organization of Petroleum Exporting Countries agreed at their May 28 meeting to keep its oil production quotas unchanged, the cartel announced in a news release.

The producer group said it made the decision because it didn't want to preempt recovery efforts as the global economy remains fragile, with high unemployment.

OPEC, which supplies about 40 percent of the world's oil needs, said it will continue to monitor the market and review today's decision at its next scheduled meeting on Sept. 6.

"Although some recent economic indicators point towards the possibility of the recession bottoming out before year-end, the world is nevertheless still faced with weak industrial production, shrinking world trade and high unemployment," said OPEC in the new release. "For this reason, the Conference decided to maintain current production levels unchanged for the time being."

The group added that, "In taking this decision, member countries reiterated their firm commitment to the individually agreed production allocations, as well as their readiness to respond swiftly to any developments which might place oil market stability and their interests in jeopardy."

OPEC members have had a high rate of compliance with the 4.2 million bpd in cuts phased in starting September 2008.

Last week’s decision was expected after Saudi Arabia, the world's No.1 producer and a key member of OPEC, said in advance of the meeting that it was in favor of keeping the cartel's output steady.

Saudi Oil Minister Ali Naimi also said that oil prices will continue to rise and the global economy can handle oil prices between $75 and $80 bbl.