The global view: Opec sees need for $2.4 trillion investment in crude capacity

Oil producers need to pump $2.4 trillion into projects to expand crude output capacity to meet future world demand and around $680 billion will need to be invested by Opec members.

Nearly $455 billion will need to channeled into refining with Asia-Pacific region having the lion
The report noted that expansion of non-Opec capacity is, on average, two-to-three times more costly than for Opec with the gap widening over time. The highest cost region is the OECD which also experiences the highest decline rates.

The average cost in new capacity for North America is currently one of the highest in the world, at $20,000 per b/d of capacity. Over the period to 2030, non-conventional oil, in the form of Canadian oil sands and US biofuels, will constitute an increasing share of total production. Reference case assumptions see the share of non-crude in US and Canadian oil supply rising from 14% in 2005 to 50% in 2030.