Global oil producers cartel Opec on Tuesday said low cost crude oil will not continue for a long as some oil producers cut their output.

“This (low oil price) will not continue. Few month or a year or so, you will see this will change,” Opec secretary general Abdullah al-Badri during oil producers its institutional dialogue with India.

Till now, Opec was holding such meetings with the US, EU, Russia and China. “I conveyed that reasonable and responsible price will be beneficial for both the producer and consumers of oil,” said Oil Minister Dharmendra Pradhan after the meeting.

Mr Al-Badri said that Opec does not have a target price but was looking for a fair value that meant “member countries can have a decent income and also where we can invest to (provide) more supply to the consumers”.