The Organization of Petroleum Exporting Countries (OPEC) is satisfied with the prevailing range of oil prices which stands at 70 and 80 U. S. dollars per barrel. The body declined to alter its output ceiling of the oil output as the current price level is acceptable by most of the consumers.

Speaking media persons in the sidelines of OPEC Ministerial meeting in Vienna Wednesday, United Arab Emirates (UAE) Energy Minister Mohammed bin Dhaen Al Hamili said, "The current levels of oil prices will enable OPEC member states to secure investment for boosting crude oil output capacities in the years to come to catch up with pace of economic growth."

There is a little possibility of OPEC countries putting forward resolution to announce production ceiling according to the Minister. The body is optimistic of surge in the global oil demand that declined substantially due to global slowdown in the recent past. However, the signs of growing global economy have made OPEC to revise projections of oil demand 880,000 bpd from 810,000 barrel per day.

Al Hamili added that the body will not hesitate to bridge gap between supply and demand fundamentals in case of surge in the oil demand.