OPEC agreed this afternoon to keep oil output restraints in place, balancing rapidly declining oil stocks in consumer nations against the risk recent selling in share markets could herald an economic downturn.
Ministers confirmed the widely expected decision after talks lasting little more than three hours.
OPEC, which pumps over a third of the world's oil, had agreed cuts totalling 1.7 million barrels per day, or 6 per cent of supplies, at its previous two meetings. The emphasis now was on ensuring those reductions were implemented in full.
"I am very, very content," Nigerian Minister of Energy Edmund Daukoru said of the outcome. "Our commitment is to keep the market supplied. To oversupply and create imbalance would make no sense at all."
Ministers were concerned that two waves of selling on global equity markets this year could presage a bigger sell-off that would hurt economic growth and oil demand.
OPEC President and United Arab Emirates' Oil Minister Mohammed bin Dhaen al-Hamli may convene another meeting in June, three months before the next scheduled meeting, if necessary.
Stocks wobbled this week on concerns over the impact of US home owners falling behind with mortgage payments. Equities and oil rose today, with US crude up 20 cents at $58.36.
"We remain concerned about the continuing weakness of the US dollar against other major currencies, notably the euro and the pound sterling, because this is having a significant effect on the purchasing power of oil-producing developing countries."
In a statement released after the meeting, OPEC predicted oil markets would remain volatile.
Analysts estimate OPEC has made good one million bpd of its pledged reductions. OPEC puts the figure closer to 1.2 million.