Ecuador, which holds the rotating presidency of the Organization of the Petroleum Exporting Countries, confirmed the no-change decision and said the group's next conference would be in Quito on Dec. 11.

Earlier a delegate told Reuters the ministers had been "100 percent" in agreement there was no need to change policy.

Oil prices did not react to the widely expected OPEC news, but they held firm at close to $84 a barrel, drawing support from a weak dollar, which has stoked buying across the commodities asset class.

The market has climbed above the $70-$80 price range, which top exporter Saudi Arabia has said is ideal for producers and consumers, but speaking just before Thursday's meeting Petroleum and Mineral Resources Minister Ali Al-Naimi said the Kingdom was still happy with the oil market for now.

"The biggest challenge we have is to keep the oil market as it is today," Al-Naimi told reporters. He declined to be drawn on a price level that might endanger economic recovery, but said producers were concerned about a possible slide back into recession.

"I hope we don't have a double dip. Everybody is working very hard to avoid it."

International benchmark US crude has this month climbed above Al-Naimi's favored range as heightened expectation of more stimulus for the United States, the world's biggest economy and biggest oil user, has weakened the US dollar.

The dollar on Thursday dropped to its lowest this year against a basket of currencies, making dollar-denominated commodities relatively cheap for holders of other currencies.

So far oil's gains have been relatively modest — compared with gold which has hit a series of record highs — as the dollar impact on oil has been countered by weak market fundamentals of nearly record-high fuel inventories and sluggish demand.