Middle East to remain key player in world energy formula

Dec 28, 2004 01:00 AM

The Middle East region would remain a key player in the world energy formula, and fossil fuel resources, topped by oil, would stay as a key engine for industrial and transport installations and electrical energy generation, the Organization of Arab Petroleum Exporting Countries (OAPEC) said.
Until the year 2020, world oil demand would increase by 1.7 % per year, the Kuwait-based organization said in its monthly publication for December, noting that world oil demand would reach 106.9 mm bpd, or an 82 mm bpd-jump from its current levels.

OAPEC said Arabs' share in the increase would be equal to 40 %, 15 % more from its present quotes, attributing this to the official Arabs' oil reserve of 653.3 bn barrels, or 61.1 % of the world's total reserves.
Arab oil producing countries and companies, according to this expectation, are obliged to continue efforts to spare the appropriate atmosphere to meet such a demand, OAPEC said.

Revenues achieved by member countries of the Organization of Petroleum Exporting Countries (OPEC) as result of the present high oil prices, estimated at $ 300 bn in 2004, would allow these countries to direct a rational percentage of its returns to invest in the doubling of production capacity, the publication said.
OAPEC called on oil producing countries to initiate development of their oil industries in a bid to preserve its interests.

Source: PetroEnergy Information Network
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