A crucial meeting of The Organization of Petroleum Exporting Countries in Abu Dhabi overnight has decided that it will leave oil production levels unchanged.

OPEC signalled that the weakening US dollar, and slowing economic growth, was more of a concern than current high crude oil prices.

Saudi Arabia initially had said the group might consider increasing production by 500,000 barrels a day, after the United States led pressure to drive down prices.

However the cartel decided that its last output rise in September would be sufficient to meet current demand, and said that it saw no reason for prices to hit $100 a barrel, as some consumers had feared.

Tensions between the US and Iran has contributed to the recent rally in oil prices, which currently sit at around US$88 a barrel. Analysts believe OPEC’s new floor price to be about $70 to $80 a barrel.

OPEC members, who account for 40 per cent of the world’s oil supply, will meet again on February 1 to review yesterday’s output decision.