The Organization of Petroleum Exporting Countries (OPEC) agreed Wednesday in Vienna to increase its production target for the first time in three years in a move that appeared to signal that Saudi Arabia and Iran had put aside their differences on oil policy for the time being.

The move should have little lasting impact on oil prices because the production target of 30 million barrels a day is closely in line with current output. But the agreement had symbolic value, coming six months after a meeting of OPEC ministers ended in disarray as they failed to reach a consensus to raise production levels.

“We have an agreement to maintain the market in balance,” said Venezuelan energy minister Rafael Ramírez.

His country had aligned with Iran at the last meeting to oppose a move pushed by Saudi Arabia to raise production to help the ailing global economy.

In recent years, OPEC’s 12 members have increasingly followed their own production and export policies. Saudi Arabia ramped up its production during the past 10 months when the outbreak of revolution in Libya halted 1.3 million barrels a day of exports.

Saudi Arabia, which produces about a third of OPEC’s total production and is the only member with significant spare capacity, has been working behind the scenes to restore the organization’s credibility after the June meeting ended with no agreement.

The new quota replaces a previous target of 24.5 million barrels. The new quota does not set targets for individual members. But the total production target will include Iraq and Libya, two countries expected to ramp up production in coming months.