OPEC Solicits Industrial Nations to Ensure Future Demand for Oil

OPEC has raised the question of ensuring future demand for oil, especially with the announcement of plans by member states to invest tens of billions of dollars to provide additional oil production capacity.

The warning coincides with the plans of OPEC states to invest more than $200 billion in new oil projects till 2020, to increase energy production by nine million barrels per day (bpd) – compared to the current OPEC production capacity which amounts to 30 million bpd – having allocated in past years about $120 billion in additional investments petroleum, till 2012. They also tried to ascertain the availability of the necessary demand for oil for these huge investments, in the light of the persistent attempts of the industrialized countries to reduce use of oil derivatives.

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