OPEC could curtail oil investment if biofuel boom materialises

VIENNA (AFP) – OPEC has warned it could curtail investment in oil production because of a forecast long-term boom for biofuel but cautioned that an oil shortage could emerge if biofuels ran into problems.

“We are not worried about introducing another source of energy, especially if it helps fight climate change,” Abdullah al-Badri, secretary general of the Orgaisation of Petroleum Exporting Countries, told AFP in an interview.


But he added that “some data show a very high quantity of biofuels in the long run, by 2030,” which could mean that “our demand will be lower than we are forecasting.”

The European Union and the United States hope to reduce their oil consumption by 20 percent beteween now and 2030 through increased reliance on alternative energy.

AFP