Libya believes global oil output can only reach 100 mm bpd

Oct 30, 2007 01:00 AM

Global oil production can go no higher than 100 mm bpd, the head of Libyan oil policy and Chief Executive of Libya's National Oil Co. Shokri Ghanem said.
"There is a ceiling or 100 mm (bpd) and the world cannot continue to produce oil indefinitely," Ghanem told an energy conference in London. Once that ceiling is reached, global oil production will start to decline, Ghanem said.

According to the International Energy Agency forecasts, global oil demand through 2030 is set to reach 116 mm bpd.

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