The Organization of Petroleum Exporting Countries will need to invest $30 billion a year to increase production capacity and expects to boost its available spare output by about 4 million barrels a day, the group said Tuesday in its annual World Energy Outlook.
The Organization of Petroleum Exporting Countries will need to invest
$30 billion a year to increase production capacity and expects to boost its
available spare output by about 4 million barrels a day, the group said Tuesday
in its annual World Energy Outlook.
In the report, the group said it needs "to invest an average of $30
billion annually over the medium term, rising towards $40 billion per annum in
the long term" to fullfil market needs for additional capacity.
As a result, OPEC said its crude oil "spare" capacity is set to
stabilize at around 8 million barrels a day over the medium term, rising from
about 4 million barrels a day this year.
Skepticism had emerged over OPEC's investment plans after group kingpin
Saudi
Arabia
last month downplayed
previous plans to raise its oil output capacity to 15 million barrels a day,
from about 12 million barrels a day.
But overall, if one includes all liquids and maintaining existing capacity,
OPEC said exploration and production plans by its members for the period
2011-2015 "could translate into an investment figure of close to $300
billion should all projects be realised."
Through that is much higher than the $155 billion worth of projects it forecast
over five years in its previous report in 2010, it pointed out that the
spending forecasts were subject to high demand and price uncertainties.
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