The oil production cuts will come into effect from November 1.
Chakib Khelil, OPEC president and Algeria's oil minister, said that further oil cuts were possible.
"The decision should not leave the producer countries in the situation where they will be joining the group of countries which are already suffering from the financial crisis," he said prior to the meeting.
The announcement of oil cuts was followed by further falls as the price of Brent crude dropped over $4 to $61.08.
Global oil prices have plummeted from their high point of $147 a barrel in July to the current rate of under $70.
Khelil said earlier that an ideal oil price was between $70 and $90 a barrel, but stressed that any move should be in the interest of oil-producing states.
The Organization of the Petroleum Exporting Countries comprises Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
