Vienna, Austria ? OPEC announced Wednesday that it would hold its official crude production steady for an additional three months, arguing that global supplies of oil are sufficient to meet demand.

The Organization of Petroleum Exporting Countries is satisfied with current oil prices and has decided that it can best ensure they stay firm by not increasing output at this time. OPEC plans to meet again in September to reassess market conditions and, if necessary, adjust its production then.

The announcement came after delegates for the 11-member group held formal talks about market conditions.

“Right now the market is in a good balance,” said Saudi Arabian Oil Minister Ali Naimi, speaking to reporters before the meeting began at OPEC headquarters in the Austrian capital.

“There is no need for additional supply. The price is reasonable. Supply is adequate. Demand is OK,” Naimi said.

OPEC said it would hold its output quota steady at 21.7 million barrels a day until the end of September.