OPEC Member Countries have embarked upon substantial investments, both upstream and downstream, to ensure that the world economy benefits from regular and secure oil supplies. OPEC Crude oil production capacity (excluding Iraq) is projected to increase to around 36.9 mb/d by 2010 from 31.7 mb/d in 2005.
In addition, Iraq’s recovery should contribute significantly to raising OPEC’s overall production capacity.
OPEC has embarked upon significant expansion plans to increase its capacity to ensure that the world economy benefits from regular and secure oil supplies.
In the medium term, over 100 projects, with an overall estimated cost of some $120 billion are being undertaken by OPEC Member Countries (excluding Iraq). These projects are in addition to all energy infrastructure projects, such as pipelines, export terminals and downstream expansion.
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