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OPEC experts call for expansion of oil supply to consumer countries

RIYADH, Nov 16 (KUNA) -- Experts on OPEC affairs called on Friday on member countries to expand supplies to consumer countries in a bid to maintain the group's share in the world oil market.
The call was made by experts participating in the second part of activities held on the sidelines of Third OPEC summit which is to commence in Riyadh on Saturday and run through Sunday.
At the second session Friday afternoon, under the theme "Future of Oil in the Global Energy Mix", the speakers agreed on the significance of investing production surplus in development of other resources of energy.
The experts include Prof. Mohammad Saleem Kelala of the Algerian Institute of Political Science, Abbas Ali al Mujrin, Department of Economic at Kuwait University, Dr. Salim Sumaisem, an Iraqi economic advisor , Ame Walther, Secretary General In Energy Forum Secretariat, and Gary Ross of PIRA Energy Group.
The economic experts pointed out the growing competition in the world oil market, noting that OPEC sustained a high cost in preparing a long-term strategy that highlight the prospects of future circumstances in prelude for appropriate development plans.
Also taking part in the seminar is Alan J. Kelly of the U.S. National Petroleum Council and Coordinating Subcommittee Chair of the seminar who noted that oil demand worldwide is expected to reach between 50 and 60 percent by the year 2030. He said that, in light of those forecasts, it was important to back up domestic energy diversity and to push for investment and free world trade.
He said oil energy production and refinery costs was dramatically growing and could reach high levels by 2030, underlining significance of continuous search for modern tools and development of present oil pumping techniques and refinery to maintain oil market stability.
Kelly said the world would continue depending on coal, oil and gas as energy resources, noting that those resources are surrounded by key and effective technical, environment and political circumstances.
On his part, Ross said it was important at this critical stage to slow down world development growth and to diversify energy resources, warning against the growing carbon dioxide emissions.
He expressed fear that oil prices reached USD 300 per barrel and anticipated that working oil companies' numbers would increase and that giant oil companies of great effect on the oil market would emerge. (end) Kt.ajs KUNA 161833 Nov 07NNNN