Saudis Say OPEC Will Not Meet Projected Oil Demand in 10-15 Years

OPEC, the Organisation of the Petroleum Exporting Countries, will be unable to meet projected western oil demand in 10 to 15 years, Saudi officials have warned.

At today’s prices, the world will need the cartel to boost its production from 30m to 50m barrels a day by 2020 to meet rapidly rising demand, according to the International Energy Agency, the Paris-based energy watchdog.

According to the Financial Times, senior Saudi Arabian energy officials have privately warned US and European counterparts that OPEC would have an
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