OPEC Sec-gen says not worried by aging oil fields

BLOCK 15, Ecuador (Reuters) – OPEC Secretary-General Abdullah al-Badri said on Friday he was not worried about reports of faster-than-expected depletion in the world’s biggest oil fields.

Oil climbed toward $132 a barrel on Friday, driven by a weaker dollar and as nagging concerns about stagnating production in Russia and other countries outside the OPEC group continued.


Some analysts are concerned that many of the world’s biggest oil deposits are drying up and that global oil production has peaked.

Badri repeated his position that runaway prices are caused by speculation in the market place and not by supply issues.

“These prices have nothing to do with shortages of oil in the market, it has to do with other factors,” he said on a visit to an oil block in the Ecuadorean jungle.

Reuters