Vienna  - The decline in prices of crude oil during the worldwide recession will have consequences for the medium- and long- term for the international oil industry, said the current President of the Organization of Petroleum Exporting Countries (OPEC) on Sunday.

Speaking at the start of the 152nd conference of OPEC oil ministers in Vienna, Jose Maria Botelho de Vasconcelos warned that the organization already had to to stop long-term investment due to low oil prices.

Botelho, who is Angola's oil minister, also spoke of job losses worldwide in the industry.

The oil ministers are to discuss a possible reduction of oil production, with the world's largest oil producer Saudi Arabia having spoken against any further curbs.

OPEC analysts however expect a possible agreement on a reduction of around 500,000 barrels per day. dpa