(Ecofin Agency) - The much awaited 168th Organization of the Petroleum Exporting Countries’ (OPEC) meeting kick-started on Friday in Vienna with oil price falling to $40 per barrel, as the group agreed to maintain production at 30 million bpd, in spite of an oversupply in the market.

For five hours oil ministers of member countries of OPEC, discussed issues like oil production levels, prices, supply from non-OPEC members and the global oil stocks amongst others. The ministers, decided to maintain the current production ceiling even though some member countries including Iran, Algeria and Venezuela had called for decrease in production to reinforce prices.

According to an OPEC document revised by Wall Street Journal, if existing production ceiling is maintained, the global markets will still be oversupplied by 700,000 bpd in 2016.

However, Iran is the main concern for OPEC as the country is to return to the oil market if sanctions are lifted by 2016. Experts say that they are confident that the country might accelerate production by approximately 500,000 barrels, adding to the oversupply.

This is a good sign for consumers who will get cheaper gasoline but unfavorable for OPEC members. Low prices undoubtedly mean a downturn in government services, which could lead to unrest globally, Mother Jones news reports.