OPEC oil ministers have decided to keep their present output target at 30 million barrels a day, despite an oversupply of crude and plunging prices.

The decision Thursday was expected. OPEC oil power Saudi Arabia had indicated before the meeting that it favors the status-quo.

The Saudis are the top producers within the 12-nation organization and effectively decide the cartel’s policy.

Some less well-off members had favored a cut, to reduce supplies and push prices back up. But because of booming shale production in the U.S, that would not have made a sizable dent in supply.

(AP)