OPEC ministers agreed to maintain crude oil production at current levels during meetings held in Quito, Ecuador.
Oil revenues for the 12 nation Organization of Petroleum Exporting Countries (OPEC) cartel have increased 32% during the past year.
According to U.S. Energy Information Administration estimates during 2010 OPEC will record crude oil export earnings equal to $750 billion, up $571 billion in 2009.
There is growing sentiment that OPEC will move to increase production quotas if and when crude oil prices near the $100 a barrel mark.
OPEC was established in 1960 and has maintained its headquarters in Vienna since 1965. OPEC is comprised of member nations Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.