The Organization of the Petroleum Exporting Countries justified the deal on its assessment that it is already pumping enough crude to meet winter fuel demand after a September decision to lift output.
"Our position is that demand and supply are balanced and there is no need to increase oil to the market," said Iranian Oil Minister Gholamhossein Nozari.
"There is no reason for the price to go high because we have enough stocks," said cartel Secretary-General Abdullah al-Badri. "There is no reason whatsoever for prices to go up to $100."
OPEC meets again on February 1 to review policy by which time it may be facing renewed calls to help stifle inflated energy costs as its biggest importer, the United States, struggles to maintain economic growth.
U.S. crude rose $1 to $89.40 a barrel and analysts said prices could make further gains back toward November's record highs above $99.
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