A ‘unilateral decision’ was taken by OPEC not to cut production and to leave the daily output ceiling unchanged at 30 million barrels, despite a major oversupply that has caused oil prices to fall more than 30%.

A ‘unilateral decision’ was taken by OPEC not to cut production and to leave the daily output ceiling unchanged at 30 million barrels, despite a major oversupply that has caused oil prices to fall more than 30%.

“We are not sending any signal to anyone, we are just trying to have a fair price,” OPEC Secretary General Abdalla Salem El-Badri told reporters in Vienna on Thursday.

World oil demand is expected to increase in 2015, Salem El-Badri said.

"I've been in this business for a long time. When I was a minister, oil was $15 per barrel. So the current price can be called good," the Secretary said.

Brent Crude plunged on the news, falling more than $3 to below $75 per barrel after the Organization of the Petroleum Exporting Countries decided not to cut production.