Organization of Petroleum Exporting Countries, OPEC, has decided not to cut oil production quotas. Thus, OPEC has preserved the official oil production ceiling at 30 million barrels a day.
Some analysts suggested earlier that the cartel would reduce production quotas to support the price on hydrocarbons.
Following the news about OPEC's decision, which Saudi Oil Minister Ali al-Naimi announced, oil prices fell sharply.
The price of a barrel of Brent crude fell below $75 for the first time since September 2010. OPEC's oil "basket" that reflects average oil prices of OPEC countries has dropped by 30 percent during the session - to 73.7 dollars per barrel.
A few days before the meeting of OPEC, Igor Sechin, the head of Rosneft, said that Russia, which is not a member of the cartel, would not reduce the level of production of hydrocarbons, even if OPEC decided to cut production.