New Delhi, Dec. 15: Oil producers' cartel Opec does not expect crude prices to remain low for very long. The cartel that accounts for 40 per cent of the world output said rates will rebound from the 11-year lows within a year.

"The current price situation will not continue... there will be less supply coming to the market. Over the past year, there has been a reduction of $130 billion in investments for fresh production," Opec secretary-general Abdalla Salem el-Badri told reporters here.

"Supplies are declining at the rate of 400,000 barrels a day," Badri, who was here for the India-Opec institutional dialogue, said.

At the meet, India asked Opec for a reasonable oil pricing. Oil minister Dharmendra Pradhan said: "We gave him (Badri) the perspective of a major buyer of crude. We feel a reasonable and responsible price will best serve the world economy."

"About 85 per cent of our total oil imports and 95 per cent of gas imports come from Opec nations. Opec has a major role in shaping oil prices and availability," he told reporters after the meet.

Opec holds such dialogue with major consumers such as the US, the EU, Russia and China. This was the first such dialogue with India.