Oil dry-up fears a myth, OPEC official says

Global oil reserves are in little danger of running out for many decades, and OPEC will continue to boost production as necessary to stabilize prices, a senior official of the group said Wednesday.

“The problem in 2004 was we did not anticipate the strength of demand … it appears that in 2005 we are reaching a plateau,” said Adnan Shihab-Eldin, acting secretary-general of the Organization of Petroleum Exporting Countries. Unusually high prices cannot continue forever, “as long as you continue to put greater supply in the market,” he said.