Major oil producing countries will not lower their oil production for the rest of the year as they work toward stabilizing oil prices, said OPEC’s President, Edmund Daukoru on Thursday.

Daukoru, who is also Nigeria’s oil minister, was speaking from Brazil while on a visit to discuss the country’s soaring biofuel production levels. Several member nations of OPEC have exceeded their production quotas as oil prices remain above $70 per barrel. Daukoru said he saw no reason for OPEC to revise its quotas for the time being.

The high oil prices are a result of low levels of refining capacity on a world wide scale. Market speculation and the high demand of fast growing nations, like China and India, are also contributing factors.

In its latest monthly report, OPEC stated that global oil demand is now expected to rise by 1.3 million barrels a day to stand at an average of 84.5 million barrels per day. The latest forecast is 80,000 barrels per day lower than the organization’s previous monthly forecast.

OPEC consists of eleven developing nations, whose economies rely on oil export revenues. One of their main aims is to stabilize oil prices so that it can be fair and reasonable for producers and consumers.