Middle East oil producers stressed Thursday in New Delhi the need for continued demand if they were to expand their output.

"Producing countries would like to ensure availability of demand for their oil before embarking on major investment projects to expand oil production capacity," the Indo-Asian News Service quoted Energy Minister Mohammed bin Dhaen Al-Hamli of United Arab Emirates (UAE) as saying at the first regional roundtable on energy security here.

"While consumers seek security of supply, suppliers seek security of demand to justify investing in new capacities," added Qatar Second Deputy Premier and Minister of Energy and Industry Abdulla bin Hamad Al-Attiyah.

Organized by the Riyadh-based International Energy Forum and hosted by India, the one-day ministerial roundtable was attended by Kuwait, Saudi Arabia, Iran, Oman, Qatar, UAE, Malaysia, Indonesia, China, Japan and South Korea.

Asia consumes two-thirds of the region's oil production, and major Asian oil producers and consumers are seeking security, stability and sustainability in supplies and demand.

Though the Middle East has considerable proven reserves, the UAE stressed that for oil producing countries to put in the required investment, there was a need to have security of demand and stable prices to generate sufficient revenues for investments to create additional capacity.

"Oil producing countries must generate sufficient oil revenues to be reinvested in oil production capacity expansion projects, and this can only be achieved when oil prices are at fair levels,"said Al-Hamli.

Iran Petroleum Minister Bijan Zangeneh stressed that a constructive cooperation can only emerge through better understanding and recognition of realities.

Source: Xinhua