The world has to get used to high oil prices

The international hydrocarbons expert, Nicolas Sarkis said the world has to get used to high oil prices in the future, as the depletion of oil and the drop of reserves in several countries are a fact not fiction. He further said some OPEC member countries, like Indonesia transformed into non-exporter countries, while the US reserves have dropped. He pointed out that Western countries tend imposing guilt complex on OPEC country members as they exercise an intellectual terror against OPEC while making it always responsible for oil soaring prices.
El Khabar: Some theorists believe “oil peak” is inevitable, regarding current reserves and production, what do you think?

N.S: The idea of peak oil depletion is a reality, not fiction. The world has to be aware of the fact that oil is depletive… we are discovering less and less oil fields than before. We have discovered during the past few years only two or three big fields. Current supplies will not be able meeting increasing demands…there are new not expected data: merging states like China and India consume more and more. The increase rate is estimated to reach 11 to 15 %. There are two chocks: demand is growing quickly but offer is not going in line with it as expected.

El Khabar: What is the role of OPEC in all this?

N.S: OPEC cannot pursue increasing production as the majority of its members reached the maximum of their production capacity. Today there’s a feeling that these countries were betrayed as they were asked to increase production and at the same time warned from the collapse of their economy. OPEC has been a subject to intellectual terrorism. It’s abnormal to see exporter countries feeling guilty because of soaring prices

El Khabar