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Opec: give us certainty to invest
Crude oil prices are in the range Opec wants. But uncertainty about the demand outlook remains a worry. The group's secretary-general, Abdalla El-Badri, talks to Petroleum Economist
OPEC'S producers need greater certainty over long-term oil demand if they are to justify upstream investments to bring new production capacity on stream, says the group's secretary-general. In an interview with Petroleum Economist, Abdalla El-Badri reiterated Opec's message that greater clarity about demand is necessary if the world expects Opec's exporters to continue investing in new output capacity. Uncertainty over demand yields a startling gap in the group's 10-year outlook. Opec says demand for its crude in 2020 could reach 37m barrels a day (b/d) – up from 28.8m b/d now – or remain almost flat, reaching just 29m b/d. It's a dilemma, because the additional investment needed to meet the higher figure amounts to $250bn, says El-Badri. "We could use that money somewhere else; in our infrastructure or for the welfare of our people. Why invest for some quantity [of oil capacity] that is not needed, or that could be ...Click here to continue reading Opec: give us certainty to invest
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