Rift widens between producers, consumers

LONDON: High crude prices have widened the rift between consuming nations, hungry for oil now, and producers who argue they must manage their reserves for the future.

Britain used the latest technology to pump as much North Sea oil as possible and now its fields are declining at the fastest rate in the world.

At the other extreme, under-explored Libya, whose oil development was hobbled by years of international sanctions, has rising production rates and great potential.

Libya and other fellow Opec members hold most of the cards as major oil companies struggle to find new areas to operate profitably.

Gulf Times