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| Today: 09 February 2010 Time: 10:43 PM |
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| OPEC experts call for expansion of oil supply to consumer countries |
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| Power & Materials 11/16/2007 6:33:00 PM |
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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
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