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.
Showing posts with label prices. Show all posts
Showing posts with label prices. Show all posts
Saturday, August 22, 2009
oil rises
The price of US crude rose to $74.15 a barrel before settling at $73.89, a gain of 98 cents. London Brent was up 86 cents at $74.19.
The oil price hit $147 a barrel last July and fell below $74 last October, a level it has not breached since.
Worldwide oil prices have been extremely volatile this year.
Prices have been affected as much by sentiment as by fundamentals of demand and supply.
Ben Bernanke, the chairman of the Federal Reserve, said that prospects for a return to growth in the near term appeared good in the US and abroad.
US shares traded higher - with the Dow Jones index rising 1.7% to 9,506 - after Mr Bernanke's speech and on better-than-expected figures for sales of existing homes.
Sales rose by 7.2% in July to an annual rate of 5.24 million homes.
The significant rise in the oil price in the first half of the year is due in large part to a recovery in investment by financial investors, said Eugen Weinberg at Commerzbank.
The oil price hit $147 a barrel last July and fell below $74 last October, a level it has not breached since.
Worldwide oil prices have been extremely volatile this year.
Prices have been affected as much by sentiment as by fundamentals of demand and supply.
Ben Bernanke, the chairman of the Federal Reserve, said that prospects for a return to growth in the near term appeared good in the US and abroad.
US shares traded higher - with the Dow Jones index rising 1.7% to 9,506 - after Mr Bernanke's speech and on better-than-expected figures for sales of existing homes.
Sales rose by 7.2% in July to an annual rate of 5.24 million homes.
The significant rise in the oil price in the first half of the year is due in large part to a recovery in investment by financial investors, said Eugen Weinberg at Commerzbank.
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