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OPEC failed to reach even a basic agreement to extend oil production cuts, saying Thursday at the close of a testy year-end meeting that it would review the situation again in March.

With prices hovering near a 12-year low, analysts had predicted before the meeting that the Organization of Petroleum Exporting Countries would extend the cuts until the end of next year.

But OPEC Secretary-General Rilwanu Lukman, said the organization will wait until March to make any moves.

"We have already got an agreement, you know," he said. OPEC decided in June to cut production by 2.6 million barrels per day -- or about 10 percent of its total output.

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