OPEC Needs To Spend $60B To Meet World Oil Demand

Friday, November 05, 1999
OPEC oil producers will need to invest $60 billion by 2010 to meet world oil demand, the group's president said. "To maintain its 1995 production level and make its proportionate share of the additional amounts, OPEC would need to invest about $60 billion by the year 2010 and another $250 billion by 2020," Abdullah al-Attiyah, also Qatari oil minister, told a conference. "World oil demand, which was about 70 million barrels per day in 1995, is expected to be more than 90 million bpd in 2010 and more than 100 million bpd in 2020," he added. Attiyah urged investors, producers and consumers to devise "mutually acceptable mechanisms for the sharing of investment risks to assure sufficient oil supply well into the next century." "OPEC will attract substantial investment capital, because, in addition to having the world's largest reserves, they also have some of the lowest production costs in the world," Attiyah said.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Bahri Orders VLCC Newbuilds

Bahri ordered five newbuild very large crude carriers from Hyundai Samho Heavy Industries   The National Shipping Company of Saudi Arabia (Bahri) today signed

Construction Starts on Crowley’s 2nd LNG ConRo Ship

Construction begins on Crowley’s second Commitment Class, LNG-powered ConRo ship for use in the Puerto Rico trade   Shipbuilder VT Halter Marine, Inc. has officially

Scandlines Orders Ferry Battery System

Corvus Energy announces the signing of marine Energy Storage System (ESS) contract with Scandlines Denmark ApS; world’s largest battery hybrid electric fleet orders additional 2.

Offshore

IMRF, McMurdo Partner on SAR Initiatives

The IMRF, the charity supporting maritime SAR service globally, and McMurdo, a company in search and rescue and maritime domain awareness solutions, announced a

First Damen Twin Axe for Offshore O&G

To develop its large fleet, Groen Offshore, Guard & Support has selected the first Damen Twin Axe Fast Crew Supplier 2610 to be customised with Offshore Oil & Gas standby capabilities.

Sea Shepherd Global Launches Operation Siracusa

Following on from the incredibly successful 2014 campaign, Sea Shepherd Global launches Operation Siracusa 2015. Led by Sea Shepherd Italia, the campaign aims

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2608 sec (4 req/sec)