The 13 ministers failed to reach any deal on an oil production ceiling in Vienna, continuing a hands-off policy that the group argues is gradually bringing supply and demand back into balance.
Opec believes its policy of pumping at capacity is driving down output from high-cost regions.
"Having reviewed the oil market outlook for 2016, the conference observed that non-Opec supply, in response to market dynamics, peaked during 2015 and started declining, with supply expected to further decline by 740,000 barrels per day in 2016," the oil cartel said following Thursday's meeting.
"Today,
