OPEC needs "robust" oil price to invest in future supply:sec gen
Dubai (Platts)--16May2005
OPEC acting secretary-general Adnan Shihab-Eldin Sunday told a joint OPEC/International Energy Agency workshop in Kuwait City that oil prices had to remain at sufficiently robust levels to support the investment required to meet future oil supply, a joint statement issued at the end of the meeting said. The workshop, the third of its kind, was exploring economic prospects of the Middle East and North Africa (MENA region), which is expected to play a growing role in world energy markets over the coming decades. "It is, of course, a region containing much of the world's proven reserves of oil and gas, and it will, therefore, play a central role in future world energy supply. To this end, oil prices must be at sufficiently robust levels to support the required investment, the magnitude of which will not be dissimilar to what has occurred in the past," Shihab-Eldin said. Read more about OPEC in Platts Guide http://www.platts.com/Oil/Resources/News%20Features/opec/index.xml
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