Organization of Petroleum Exporting Countries (OPEC) ministers have agreed to maintain the current production quotas, Venezuela Energy Minister Rafael Ramirez told Xinhua on Thursday.

He said that even before the 141st extraordinary OPEC ministers meeting, when he was consulted, cartel members already had an agreement to that effect.

"It is positive," added Ramirez, who is also head of state oil company Petroleos de Venezuela.

He added that geopolitical tensions are the main reason why oil prices are currently at the expensive 70 U.S. dollars a barrel rate.

OPEC has kept its production ceiling at 28 million barrels a day (bpd) since July 2005.

Ramirez also told Xinhua that Venezuela plans to increase its production to 5.8 million bpd in 2012.

Source: Xinhua