The Organization of Petroleum Exporting Countries (OPEC) has agreed to raise its oil production ceiling in a bid to rein in skyrocketing crude oil prices.

After four hours of talks in Beirut Friday, Saudi Oil Minister Ali Naimi told reporters that the organization had decided to increase its oil production ceiling by 2 million barrels a day next month and an additional 500,000 barrels a day in August if necessary. He added that the oil cartel will meet to review future action on July 21 in Vienna.

Currently OPEC's oil production ceiling stands at 23.5 million barrels a day.

Following OPEC's move to boost production, oil prices fell for the second straight day after peaking at record highs earlier this week.

Contracts of U.S. light crude for July delivery fell 68 cents on Thursday to settle at 39.28 U.S. dollars a barrel in New York. In London, July contracts of Brent crude dropped 46 cents to settle at 36.40 dollars a barrel.