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OPEC Solicits Industrial Nations To Ensure Future Demand For Oil
By Mr Ethanol | June 19, 2007
Resourcex Investor:
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.
In a statement to the ‘Financial Times’, OPEC Secretary-General Abdullah al-Badri warned of the effects of renewable fuels (atomic energy, solar, hydrogen and bio-fuels made from plants) on the economies of petroleum investments future.
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.
It is noteworthy that Saudi Oil Minister Ali al-Naimi announced in Riyadh early this month that Saudi would increase production capacity to 12.50 million bpd by 2009, the rate planned at present, attributing the cause to the development of energy alternative programs…
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June 19th, 2007 at 5:56 pm
Wondered how long it would take before they saw the writing on the wall. They’ve dug themselves quite a hole by letting prices sky-rocket. They can try to hike their production all they want now, but who’s going to trust them in the long-term?
September 5th, 2007 at 11:37 am
We must keep moving forward with ethanol it is our future. Ethanol will free us of the control oil companies have on us.Ethanol will redistribute the wealth of the world hopefully for the better.We need some new think among the wealthy.Greed is blinding those who could make the world a better place to live.