OPEC to maintain output quota- Venezuelan minister

The Organization of Petroleum Exporting Countries (OPEC) will maintain its current oil output quota, Venezuelan oil minister said on Monday on the sidelines of an international energy forum in Qatar.

Venezuelan Energy and Mines Minister Rafael Ramirez made the statement shortly after oil ministers of OPEC member states held informal talks on the sidelines of the energy forum which started in Qatari capital Doha and will end on Monday, according to reports reaching here.

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

OPEC ministers have repeatedly said that the oil cartel, trying its best to meet the demand of the international market, is not responsible for the recent oil price hike since the global oil supply is currently balanced with the demand.

The OPEC informal talks came as oil prices shot up to 75 U.S. dollars a barrel on Friday- the highest level in real terms for 25 years.

OPEC ministers have said that the international energy forum will provide an opportunity for oil producers and consumers to achieve constructive dialogue to deal with record high oil prices but is unlikely to lead to new decisions over OPEC's production.

Representatives of scores of countries worldwide and a bunch of leading global energy companies attended the forum.

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.

Earlier on Monday, U.S. Energy Secretary Samuel Bodman, who attended the Doha forum, said that record oil prices were causing great dislocations in both the United States and the rest of the world.

He also urged oil producing countries to help keep the markets well supplied, but acknowledged at the same time that supply was currently roughly equal to demand.

Source: Xinhua