OPEC Stands Ready To Invest, Meet World’s Crude Oil Needs
$OIL
OPEC Secretary General Abdullah al-Badri said that despite uncertainties, OPEC members were ready to make the necessary investments to respond to the world’s future energy needs.
Mr. Badri also said that a wave of project cancellations and deferrals in the industry was a “clear demonstration that wide price fluctuations have a detrimental effect on investments and can sow the seeds of future instability”, in a statement on the International Energy Forum’s website Sunday.
The Secretary General said he saw Asia’s Crude Oil demand rising to almost 46-M BPD by Y 2040, an increase of about 16-M BPD from Y 2015.
Crude Oil-related investment requirements between now and Y 2040 are estimated at about $10-T, he said.
Have a terrific week.
HeffX-LTN
Paul Ebeling
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