April 21 (Bloomberg) -- Asia’s biggest oil users will meet the world’s largest producers this week in Tokyo to discuss ways to revive spending and ensure energy supplies after the global recession ends.

International Energy Agency head Nobuo Tanaka and Saudi Arabian Oil Minister Ali al-Naimi will lead delegates from the Organization of Petroleum Exporting Countries, Japan, China, and India in the talks on oil and gas investments, said a Japanese trade ministry official with direct knowledge of the meeting who spoke on condition of anonymity.

OPEC, supplier of about 40 percent of the world’s crude, faces a 51 percent plunge in net oil revenue this year, according to the U.S. Energy Department, which estimates the group will earn $476 billion. Spending on new energy production is likely to drop around 20 percent this year, according to the IEA, the Paris-based adviser to 28 nations.

“OPEC nations need Asia’s clear commitment to sustainable oil demand growth in the coming years,” Hidetoshi Shioda, a senior energy analyst at Mizuho Securities Co. in Tokyo, said before the meeting. “Even after the oil bust slashed OPEC’s revenue, Saudi Arabia and other Middle Eastern countries should have enough reserves to spend on drilling.”

Oil declined 69 percent from a record $147.27 a barrel on the New York Mercantile Exchange on July 11. It traded at $45.79 at 9:39 a.m. in Tokyo. Global oil supplies will be “severely constrained by today’s lower prices and lower investment,” the IEA said in an April 10 report.

Cheaper Alternatives

Asian buyers may move to cheaper alternatives, especially nuclear power, if OPEC won’t contain prices, Shioda said. The group wants Asia, which the IEA estimates will account for more than half the increase in world energy demand between 2006 and 2030, to commit to using oil in the years ahead, Shioda said.

Trade and energy ministers from 13 Asian nations including Indonesia, South Korea, Singapore, Thailand, Malaysia and Vietnam will also take part, the Japanese official said.

To contact the reporters on this story: Shigeru Sato in Tokyo at ssato10@bloomberg.net; Yuji Okada in Tokyo at yokada6@bloomberg.net.

Last Updated: April 20, 2009 20:58 EDT