The Organization of Petroleum-Exporting Countries says it will maintain crude output quota until its summit next month in Algeria. The announcement comes during OPEC's consultative ministerial meeting in Cairo on Saturday.

The Organization of Petroleum-Exporting Countries says it will maintain crude output quota until its summit next month in Algeria.

Meanwhile, Saudi Arabia says it hopes to raise oil prices to 75 US dollars a barrel.

The OPEC decision followed a production cut of 1.5 million barrels per day in October.

But the cut failed to stop the price drop due to the global financial crisis and economic recession.

OPEC's current rotating president said the organization is concerned about the weakening world economy and its impact on oil prices.

He said the cartel will wait until a meeting next month to decide whether to cut additional crude oil supplies from the market.

Chakib Khelil, OPEC President, said, "The conference reaffirmed its determination to stabilize the oil market as illustrated by its last-month decision, which, according to preliminary industry indications, is being implemented, confirming thus that OPEC countries are adhering to the decision and fulfilling their commitments."

Meanwhile, Saudi Oil Minister Ali Naimi said the organization will do what's needed to shore up falling oil prices.

His comments came after Saudi King Abdullah said oil should be priced at 75 US dollars a barrel, far above its current rate.

OPEC's Secretary-General Abdalla Salem El-Badri agreed that 75 US dollars a barrel is a "fair price".

Oil prices have witnessed sharp drops in recent months.

On Friday, oil price stood at about 54 U.S. dollars a barrel, declining by some 60 percent from more than 147 dollars a barrel in mid-July.

(CCTV December 1, 2008)