"Opec is committed to ensure steady, secure supplies of crude oil to all consumers at affordable prices, both now and in the future," Opec president Mohammed al-Hamili told a conference in Bangkok.

"We are determined to develop sufficient production capacities in tandem with growth in demand to meet world oil needs," said al-Hamili, who is also the United Arab Emirates energy minister.

The 12-member oil cartel pumps more than a third of the world's oil production and about four-fifths of proven crude-oil reserves. "We are ready to pump more whenever there is a requirement," he added.

At the PTT-sponsored conference entitled "Asian Energy Dialogue - Oil Outlook: Challenges and Opportunities", Opec research director Hasan Qabazard said that in 2030, global oil demand would rise to 118 million barrels a day, due mainly to consumption from five Asian countries: China, India, Japan, Thailand and South Korea. In that year, Opec's output will rise to 50 million barrels a day, from 30 million at present.

He also noted that in the same year, alternative-fuel consumption would be 10 million barrels a day. He commended Thailand for its efforts in promoting alternative-fuel development and consumption.

Qabazard estimated that in the long term, oil prices should not spike to US$70 to $80 (Bt2,435 to Bt2,782) per barrel, but rather should stabilise at about $50 to $60. "Only speculators enjoy the price increase, not Opec. Opec rather prefers stable and reasonable prices, which would benefit all," he said.

At the conference, Thai Energy Minister Piyasvasti Amranand said that through the dialogue, Opec did not specify a reasonable price but that generally it was perceived that oil prices should range between $55 and $65.

"At that level, prices would encourage alternative-fuel development in biodiesel, ethanol and other technologies. If the prices are too low, at $45 to $50, it will discourage new development and exploration for new petroleum reserves," Piyasvasti said.

He personally believes oil prices will not return to the level of $40 to $50, due to depleting reserves. The conference featured an international panel of energy professionals, including representatives from Opec member countries, major international refineries and oil companies. They discussed issues related to energy supply and demand in Asia. Opec participants represented Saudi Arabia, Indonesia, the UAE, Kuwait and Venezuela.

PTT president Prasert Bunsumpun said that for him, the conference highlighted PTT's growing importance as a major oil explorer and producer, while it had formerly been regarded as an importer.

"The dialogue will widen business opportunities for PTT," he said.

Thailand now imports 800,000 barrels a day, 80 per cent coming from the Middle East. Most of the imports are processed by PTT.

Its subsidiary, PTT Exploration and Production, recently found petroleum reserves in the Shams Field in Oman. Since the output will be exported to Thailand, the PTT Group has started making itself known as an oil explorer and producer.