Moscow, 11 November: Fears of certain countries about the work of the oil exporting countries' forum are groundless, Russian Prime Minister Vladimir Putin has said.

"We know about concerns and even fears voiced by certain energy consuming countries, there are no grounds for these fears," Putin said following the talks with Egyptian Prime Minister Ahmad Nazif in Moscow on Tuesday [11 November].

"We are not setting up any cartel and we are not signing a cartel agreement, none of us is going to sacrifice part of their sovereignty while making decisions," Putin said.

He said that energy producing countries as well as its consumers have the right to and "should coordinate their actions, exchange information, do their best to ensure uninterrupted supply of hydrocarbons to world markets".

"The main consumers do set up their organizations, why cannot the countries-producers set up similar organizations," Putin said.