OPEC Maintains Current Output Levels

Vienna, Austria, June 8, 2011 -- OPEC said it has decided to maintain current oil output levels, with the option of meeting within the next three months for a possible production hike.

The decision is unexpected.

Saudi Arabia and other influential Gulf nations had pushed to increase production ceilings to calm markets and ease concerns that crude was overpriced for consumer nations struggling with their economies.

Those opposed were led by Iran, the second-strongest producer within the Organization of the Petroleum Exporting Countries.