OPEC's summit closed in Vienna on Friday, with no changes to its 30-million-barrel daily production quota. The organization's Secretary General Abdalla Salem Badri cited the uncertainty over Iran's expected output as a major factor preventing a decision from being taken. Iran is expected to ramp up its production once international sanctions are lifted from the country.
OPEC will also continue to exceed its 30 million barrels a day target, according to the organization. The excess persists despite October's production cut of 256,000 barrels per day.
Brent crude prices plunged from $115 per barrel to $48.5 per barrel between June 2014 and January 2015. Prices did not exceed $67 per barrel throughout 2015, fluctuating around an average of $55 per barrel.