The Organization of the Petroleum Exporting Countries (OPEC) agreed on Friday to keep its oil production unchanged at 30 million barrels a day. The next OPEC meeting is scheduled to on December 04.

"Member Countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market, with prices at levels that are suitable for both producers and consumers," the OPEC noted.

"You'll be surprised at how amicable the meeting was," Saudi Arabia's oil minister Ali al-Naimi said.

The OPEC expects world oil demand to rise in the second half of 2015 and in 2016, driven by the growth in non-OECD countries.

Non-OPEC growth in 2015 is expected to be below 700,000 barrels per day, according to the OPEC.