OPEC doesn’t agree on oil production levels

The Organization of the Petroleum Exporting Countries (OPEC) failed Friday to come to an agreement on oil production levels.

The rift came about after Iran said it would refuse to abide by any production cuts until its output levels are as high as they were before Western sanctions took hold, Reuters reports.

{mosads}Production levels are currently far lower than most OPEC members say they need to sustain their nations’ industries, leading to speculation that the cartel would vote to increase volumes Friday.

“We have no decision, no number,” Iranian oil minister Bijan Zangeneh after the meeting in Vienna, according to Reuters.

It’s the first time since 2011 that the organization came out of a meeting with no set production levels.

Abdullah el-Badri, the secretary-general of OPEC, said the group could not predict how much oil Iran would add to international markets next year.