Opec fails to calm record market

By Adam Porter in Perpignon, France
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One thing Lasserre does not agree with is the growing band of analysts who are talking of a peak in global oil production, commonly known as peak oil.

“Sure, oil is a limited resource, so one day it will happen. But now we disagree that this theory has anything to do with current price rises.

“There is plenty of oil to be produced. Plenty of reserves. What we have now, is a bottleneck because of a lack of investment in the past.

“The capacity to produce oil is not enough. We need more wells, more refineries, more pipelines. This has very little to do with peak oil, we need a better infrastructure. It is an investment issue.”

Al Jazeera