Vienna  - The Organization of the Petroleum Exporting Countries (OPEC) on Friday rejected calls to keep oil prices at present low levels, arguing this would lead to a supply crunch.

Maintaining the current price would help stimulate the economic recovery of oil-importing countries, the Executive Director of the International Energy Agency (IEA), Nobuo Tanaka, was quoted as saying by the Financial Times on Thursday.

But OPEC Secretary General Abdalla Salem El-Badri complained that the IEA wanted both prices of 40 dollars per barrel, and more oil industry investment - which El-Badri said were not viable at such prices.

"It is a short-sighted view," El-Badri said, arguing that lower investments would in turn lead to a supply crunch by 2013.

The oil cartel is set to meet in Vienna on March 15 to discuss possible further production cuts.

OPEC's basket price has been hovering around 40 dollars per barrel despite production cuts of 4.2 million barrels per day since last September.

According to the IEA, oil-importing economies would receive a stimulus of 1 trillion dollars if oil prices stayed around 40 dollars per barrel this year. (dpa)