The Organization of Petroleum Exporting Countries (OPEC) will not make new decisions concerning oil production, oil ministers said on Saturday.

The ministers of the OPEC member states made the statement on the sidelines of an International Energy Forum which kicked off in the Qatari capital Doha on Saturday, according to the official Qatar News Agency.

The ministers believe that the global oil supply is currently balanced with the demand and that the oil cartel, trying its best to meet the demand of the international market, is not responsible for the recent oil price hike, said the report.

The three-day forum, which will last till Monday, will provide an opportunity for oil producers and consumers to achieve constructive dialogue to deal with record high oil prices, the report added.

Participants at the forum stressed the importance of boosting investment in the upstream and downstream sectors of the crude oil industry in order to cushion the effects of high oil prices, calling for closer coordination between producers and consumers, said the report.

Senior managers of certain oil companies also brought up the need for transparency in financial laws and regulations relating to energy and access to necessary information on investment, it added.

Representatives of scores of countries worldwide and a bunch of leading global energy companies attended the forum as oil prices have recently shot up to 75 U.S. dollars a barrel - the highest level in real terms for 25 years.

Record oil prices, caused by both geopolitical risks and oil industry problems, are widely believed to pose a threat to both the economies of consumer nations and the future prospects of oil production of producer countries.

The 11-member OPEC, pumping about 40 percent of the world crude oil, currently maintains an output quota of 28 million barrels a day, almost at its full production capacity.

Oil ministers of its member countries are expected to hold informal talks on the sidelines of the International Energy Forum over the soaring oil prices.

Source: Xinhua